Vanuatu paid VT50m for shares in Asian Bank

THE Vanuatu Government’s Ministry of Finance has paid VT50 million in shares in the Asian Infrastructure Investment Bank.

The payment covering five different share packages follows a decision by the Council of Ministers last year.

A government spokesman said the Council of Ministers had asked the Ministry of Finance to submit an ‘expression of interest’ to become a member of the Asian Infrastructure Bank.

He said Parliament approved the payment of five share packages at VT10 million per share and became a member in November last year.

Government Public Relations Officer Hillarie Bule said the Government chose to buy five shares initially.

He said the Government bought its five shares in an exploratory move to link up with other banks offering low interest rates.

The Asian Infrastructure Bank is based in China.

At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement. In March, May and June 2017, the Bank announced the approval of another 23 prospective members, who are currently in the process of finalising their membership. AIIB expects to continue welcoming new members in the future.

AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia and beyond. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

It now has 84 members.