Singapore paves way to becoming AIIB member

Singapore

THE Finance Ministry introduced the Asian Infrastructure Investment Bank (AIIB) Bill in parliament on Monday, two weeks after Singapore signed the AIIB charter in China as one of 50 prospective founding members.

The Bill, introduced by Senior Minister of State for Finance Josephine Teo, provides for Singapore to subscribe to US$250 million in shares of the AIIB's initial capital stock, and for certain privileges and immunities for the AIIB and its employees to have force of law in Singapore.