MoU on creation of AIIB

25 October 2014 | The Nation


Finance Minister Sommai Phasee on Wednesday signed a non-binding memorandum of understanding to create the Asian Infrastructure Investment Bank (AIIB) along with his counterparts from Malaysia and the Philippines ahead of the formal signing.

Sommai was in China to participate in the 21st Apec Finance Ministers' Meeting, where the MoU was signed.

The AIIB was proposed by China with the intention to support Asia-Pacific Economic Cooperation members in their investments on transport, energy, and telecommunication infrastructures. It will be another option for Thailand and other countries in Asia that still have high need for finances to fund the development of basic infrastructures to increase their competitiveness.

JV deal on Dawei soon

The Myanmar government is expected to ink a joint-venture agreement with two Thai companies for development of the Dawei special economic zone and related projects during a summit of Asean leaders to be held in Nay Pyi Daw on November 12 and 13, said Thai Deputy Transport Minister Arkhom Termpittayapaisith.

The consortium of Italian-Thai Development and Rojana Industrial Park is the only group proposing to invest in the project.

It will also include joint investment in the construction of a highway to link the Dawei project to Thailand's western border, he said.