Key role for SL in Asian Infrastructure Investment Bank in 2022/24

Sri Lanka will assume the leadership role of the Asian Infrastructure Investment Bank’s (AIIB) within the designated region in 2022/24.

The AIIB is a multilateral development bank with $ 100 billion in capital that aims to improve economic and social outcomes in Asia via financing the sustainable Infrastructure for tomorrow. The bank currently has 105 members, including 14 prospective members from around the world.

The Government said the Board of Directors of the AIIB comprises non-residential directors while they represent 12 Divisions consisting of 1 or more states/countries.

Sri Lanka, a founding member of AIIB, represents the 11th division of the bank. While Indonesia being the main shareholder in that division, Sri Lanka, Cambodia, Myanmar, Laos, and Eastern Timor are the other member countries.

As per the MoU signed between these states in 2016, the Directorate and optional Directorate relevant to that division is circulated among the member states.

Accordingly, the opportunity for holding the office of the directorate and chairing the division within the 2022-2024 period is bestowed to Sri Lanka and a Deputy Secretary to the General Treasury has been nominated to the office.

Recognising this important role for Sri Lanka the Cabinet of Ministers at its meeting on Monday approved the proposal by the Prime Minister as the Minister of Finance, Economic Stability and National Policies to establish a divisional office of the AIIB under the Ministry of Finance, Economic Stability and National Policies.