Asian Infrastructure Investment Bank legislation passes third reading

Finance Minister Bill English today welcomed the passing of the International Finance Agreements Amendment Bill, which enables New Zealand to become a founding member of the Asian Infrastructure Investment Bank.

The Bank is a China-led initiative which is being established to address a gap in new infrastructure across Asia. Its purpose is to foster sustainable economic development and to promote regional co-operation and partnership.

Mr English says the decision to join will help to build and consolidate New Zealand’s economic and political relationships in Asia.

“Our involvement in the negotiations to establish the Bank has contributed to the emergence of a genuinely multilateral 21st century institution – with New Zealand continuing to play a useful role including advocating for good governance and high lending standards.”

New Zealand was the first western developed country to join negotiations to establish the Bank.

“Asia is incredibly important to New Zealand’s future. The region is full of opportunity for New Zealand – and our strong ties with Asian countries mean we are well placed to take advantage of those opportunities.”

The Bank is expected to begin operations in early 2016.