Myanmar is slated to join the shareholders of the ASEAN InfrastructureFund (AIF), bringing all 10 ASEAN members into the AIF, according to anews release.
With Myanmar expected to join within 2014, theexisting AIF shareholders include Brunei, Cambodia, Indonesia, Lao,Malaysia, Philippines, Singapore, Thailand, Vietnam, and the AsianDevelopment Bank (ADB).
“Welcoming Myanmar as a shareholder thisyear will mark an important chapter in the AIF’s development,” BambangBrodjonegoro, Vice-Minister of Finance of Indonesia and Chair of theAIF, was quoted as saying, adding that “this will open up newopportunities and make the AIF truly an ASEAN endeavor.”
Accordingto Khin Khin Lwin, ADB Alternate Executive Director from Myanmar,infrastructure development is crucial for the continued growth andadvancement of Myanmar and other ASEAN nations.
“Myanmar ishonored to join the AIF, which will contribute to our shared vision of amore interconnected ASEAN Economic Community,” said Khin Khin Lwin.
TheAIF has so far financed two infrastructure projects in the amount of 65million USD, consisting of a 25 million USD financing for the Java-Bali500kV power transmission project signed in December 2013, and a 40million USD loan to a sanitation project signed in May 2014, both inIndonesia.
ASEAN’s required infrastructurefinancing is estimated to amount to 60 billion USD a year in the 10years leading to 2020. This is in addition to national projects withsignificant cross-border impacts such as airports, seaports, and roadsto borders.
The AIF Board at a recent meeting approved thepipeline of projects for 2014, and discussed the indicative pipeline for2015 – 2016, covering priority sectors of water, transport and energyin ASEAN countries.
ADB is supporting the AIF in a number ofareas, including project processing, country consultations to developproject pipelines, and establishing various frameworks for AIFoperations.
In addition to its equity investmentof 150 million USD, ADB is the AIF administrator, cofinances investmentprojects and provides technical support.-VNA
With Myanmar expected to join within 2014, theexisting AIF shareholders include Brunei, Cambodia, Indonesia, Lao,Malaysia, Philippines, Singapore, Thailand, Vietnam, and the AsianDevelopment Bank (ADB).
“Welcoming Myanmar as a shareholder thisyear will mark an important chapter in the AIF’s development,” BambangBrodjonegoro, Vice-Minister of Finance of Indonesia and Chair of theAIF, was quoted as saying, adding that “this will open up newopportunities and make the AIF truly an ASEAN endeavor.”
Accordingto Khin Khin Lwin, ADB Alternate Executive Director from Myanmar,infrastructure development is crucial for the continued growth andadvancement of Myanmar and other ASEAN nations.
“Myanmar ishonored to join the AIF, which will contribute to our shared vision of amore interconnected ASEAN Economic Community,” said Khin Khin Lwin.
TheAIF has so far financed two infrastructure projects in the amount of 65million USD, consisting of a 25 million USD financing for the Java-Bali500kV power transmission project signed in December 2013, and a 40million USD loan to a sanitation project signed in May 2014, both inIndonesia.
ASEAN’s required infrastructurefinancing is estimated to amount to 60 billion USD a year in the 10years leading to 2020. This is in addition to national projects withsignificant cross-border impacts such as airports, seaports, and roadsto borders.
The AIF Board at a recent meeting approved thepipeline of projects for 2014, and discussed the indicative pipeline for2015 – 2016, covering priority sectors of water, transport and energyin ASEAN countries.
ADB is supporting the AIF in a number ofareas, including project processing, country consultations to developproject pipelines, and establishing various frameworks for AIFoperations.
In addition to its equity investmentof 150 million USD, ADB is the AIF administrator, cofinances investmentprojects and provides technical support.-VNA
