Regional bank to be set up: finance minister
China will set up a multilateral bank to fund infrastructure projects in Asia with an initial paid-in capital of $50 billion from its members, the Ministry of Finance said.
The amount and proportion of capital contributed by each member will be decided through discussions, and the capital can be increased as needed, the statement quoted Finance Minister Lou Jiwei as saying.
The bank will fund infrastructure projects in the region, complementing the work of other entities such as the Asian Development Bank.
Funds in existing multilateral development banks are limited and savings rates are high in many countries in Asia, so it is necessary to consider establishing a new regional platform to channel more funds into infrastructure, Lou said.