Re­gional bank to be set up: fi­nance min­is­ter

China Daily (Canada) - - NEWSCAPSULE -

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.

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