The process of establishing a China-led regional development bank is speeding up, and Beijing is now actively courting other countries to become founding members.
Chinese officials have been reportedly meeting and consulting with several Asia-Pacific nations over the past few months to set up the still tentatively named Asian Infrastructure Investment Bank. So far we have learned that South Korea, Malaysia and longtime regional development leader Japan have all been approached — yet so far only Mongolia expressed its firm commitment to join by signing a memorandum of understanding last April.
“We didn’t decide yet whether to join or not. There are only discussions. No official agreements yet,” Kayoung Hong, deputy director of financial cooperation at South Korea’s Ministry of Strategy and Finance, told Devex. “But yes, we are considering it.”
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
