Minister Noonan and President Jin progress Ireland’s membership of the Asian Infrastructure Investment Bank
Today (25-Jan-2017) Minister for Finance Michael Noonan T.D. welcomed President Jin Liqun of the Asian Infrastructure Investment Bank (AIIB) to the Department of Finance where they discussed Ireland’s membership of the AIIB.
- Ireland has applied for membership of the AIIB to further strengthen our links to Asia and China in particular and to continue the significant role that Ireland has played over the years in development aid.
- Ireland’s membership of the AIIB has been informally agreed and today Minister Noonan provided President Jin with Ireland’s formal letter of application to join the AIIB.
- The AIIB seeks to play a positive role in developing infrastructure across Asia and aims to be complementary in its work to that of other Development Banks that operate in the region.
- During his visit to Dublin President Jin also met with An Taoiseach and delivered a keynote address at the European Financial Forum in Dublin Castle on Tuesday, 24 January. The Forum was hosted by Minister of State for Financial Services Eoghan Murphy and highlighted Ireland as a gateway to the EU for Asian financial services providers.
Commenting on his meeting with President Jin the Minister for Finance Michael Noonan T.D. stated:
“President Jin and I discussed Ireland’s increasing connectivity to Asia and Ireland’s burgeoning relationship with China. I look forward to progressing Ireland’s membership of the Asian Infrastructure Investment Bank and it is likely that we will see a major step forward in the formal admission process in the first half of this year.”
25 JANUARY 2016
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Note to Editors
Asian Infrastructure Investment Bank – AIIB
The Asian Infrastructure Investment Bank (AIIB) is a new multilateral financial institution founded by China to bring countries together to address the daunting infrastructure needs across Asia. Through their investments, the AIIB strives to promote interconnectivity and economic development in the Asian region through the development of infrastructure and other productive sectors. The AIIB believes that the development and improvement of productive infrastructure encourages economic growth, promotes employment, enables business activity and contributes to poverty reduction. Since it came into operation in 2016, the AIIB has funded nine projects in seven different countries with focuses spanning from transport to energy to urban development. The majority of these projects have been funded in cooperation with other Multilateral Development Banks such as the World Bank and Asian Development Bank.