P’ment passes Asian Infrastructure Investment Bank (Ratification) Bill

Friday, 6 May 2016 00:01 - - {{hitsCtrl.values.hits}}

By Ashwin Hemmathagama- Our Lobby Correspondent

The Asian Infrastructure Investment Bank Agreement (Ratification) Bill was moved on Wednesday in Parliament.

The bill will make necessary provisions enabling Sri Lanka to become a member of the Asian Infrastructure Investment Bank authorising the ratification or acceptance by Sri Lanka of the agreement, establishing that bank, to which Sri Lanka is a signatory, and to provide for matters connected.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank (MDB) conceived for the 21st century. The AIIB is a modern knowledge-based institution, focused on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics.

According to AIIB, its foundation is built on the lessons of experience of existing MDBs and the private sector. Its modus operandi will be lean, clean and green: lean, with a small efficient management team and highly skilled staff; clean, an ethical organisation with zero tolerance for corruption; and green, an institution built on respect for the environment. The AIIB has put in place strong policies on governance, accountability, financial, procurement and environmental and social frameworks.