Malaysia a step closer to becoming AIIB member

KUALA LUMPUR: The Asian Infrastructure Investment Bank Bill (AIIB), which was tabled for the second reading in the Dewan Rakyat yesterday, aims to enable Malaysia to become a member of the bank.
Second Finance Minister, Datuk Johari Abdul Ghani, said the Bill was important to enable the country to submit the rectification instruments and then to pay the subscription which was a precondition to become a full AIIB member.
He said the Bill, among others, will allow the purchase of the AIIB shares.
"Malaysia has expressed its commitment to subscribe for a total of 1,095 units worth US$109.5 million (US$1 = RM4.20). Malaysia will pay US$21.9 million, or 20 per cent of the stake, in five installments over a period of five years," Johari said when tabling the Bill in Dewan Rakyat here yesterday.

He said the first installment has to be paid within 30 days after the submission of the rectification instruments to AIIB.
Johari said Malaysia, together with the other 56 founding members, had signed the articles of association (AOA) on the establishment of the bank on Aug 21, 2015.
"All founding AIIB members who have signed the AOA have to complete the rectification process before Dec 31 this year," he said.
AIIB, a multilateral international development bank, was set up on Dec 25, 2015. It has an initial capital of US$100 billion with one million shares. The initial paid-up capital is US$20 billion. – Bernama