Singapore has pledged to become a founding member partner of the Asian Infrastructure Investment Bank (AIIB), which would be led by China.

According to Channel NewsAsia, "The Republic has expressed its intention to accept China’s invitation to become a founding member of a new regional bank to fund infrastructure projects in Asia, said Singapore’s Ministry of Foreign Affairs (MFA)."

The Singapore Ministry of Foreign Affairs is quoted as saying that, “Mr Teo and Mr Zhang discussed how the AIIB can complement existing multilateral development banks (MDBs), stay open and inclusive and draw upon the best practices of existing MDBs in terms of governance and operations.”

As reported by Channel NewsAsia, "Singapore’s intention was conveyed by Deputy Prime Minister Teo Chee Hean at a meeting in Beijing on Monday (July 28) with Chinese Vice-Premier Zhang Gaoli, who had invited Singapore to be part of the Asian Infrastructure Investment Bank (AIIB)."

The AIIB seeks to compete against the World Bank and the Asia Development Bank, which have been lead by the US and EU.

To read the entire article from Channel NewsAsia, link here:

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