Forming AIIB is a 'step in the right direction': PM Lee

Jakarta

THE proposed Asian Infrastructure Investment Bank (AIIB), of which China is the chief architect, is a "step in the right direction" as the search for a new global economic order continues, says Prime Minister Lee Hsien Loong.

Speaking to the Singapore media here on Wednesday, he made the point that the world's international financial institutions had to update themselves given how the balance of economic influence in the world has changed over time. Mr Lee, who was in the Indonesian capital for a two-day visit, was giving his take on Indonesian President Joko Widodo's call earlier in the day to reform the global financial architecture "to avoid the domination of certain groups of countries".