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New Zealand to join Asian investment bank

New Zealand is joining the China promoted Asian Infrastructure Investment Bank. The government of the country has entered into a MoU with the bank to become a founding member. The country’s finance minister Bill Englosh said New Zealand is the first developed country in the west to join talks with China to set up the bank. The tie-up will enhance New Zealand’s already strong economic, trade and investment links with the Asian region, he said. The investment bank will have initial capital near to $139 billion to invest in infrastructure projects in Asia. New Zealand’s contribution will be about $125 million over five years. Some 57 countries have shown interest to join the banking initiative.

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