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Taiwan to invest around US$200 million in AIIB

Taiwan to invest around US$200 million in AIIB

Taipei, March 31 (CNA) Premier Mao Chi-kuo (???) said Tuesday that Taiwan's letter of intent to join the China-led Asian Infrastructure Investment Bank (AIIB) will be sent out later that day, in which it will pledge to invest around US$200 million in the bank. The premier said the Mainland Affairs Council (???), Taiwan's top China policy planning body, will send the letter, drafted by the Ministry of Finance (???), to the interim Secretariat for Establishing the AIIB via China's Taiwan Affairs Office under its State Council. The premier made the remarks at the Legislature during a session in which lawmakers expressed concerns about the progress of Taiwan's bid to join the proposed regional bank. The premier pledged that the application process will be transparent, will not compromise the nation's dignity, and that Taiwan will pursue fair treatment as a member. "Otherwise, we would rather not join," he said. Asked if the letter of intent is in the capacity of the Republic of China or Taiwan, Mao said he will address that issue once the bank's charter has been mapped out. Asked about the government's views if China insists on Taiwan using the term of "Taipei, China" to join the AIIB, the premier said categorically that "we cannot accept such a name." On how much Taiwan will invest in the bank, Mao gave a figure of about US$200 million. China will provide half of the US$100 billion-worth of authorized capital of the AIIB, with the participating countries investing the remaining half. He said that participation in the AIIB will be a major step toward Taiwan's integration into the regional economy and will offer a lot of business opportunities to businesses here. On the timing of joining the AIIB, Mao said that if Taiwan becomes a founding member, it will be helpful in Taiwan's efforts to pursue its rights. He said that only a founding member will be able to take part in the discussion of the charter, which will involve the rights, obligations and qualifications of the members. Initiated by China, the AIIB is regarded by some as a potential rival to the International Monetary Fund, the World Bank and the Asian Development Bank (ADB), all of which are institutions dominated by developed countries such as the U.S. The AIIB, which will aim to support infrastructure development projects in Asia, is expected to be set up by the end of this year. The application window for membership was set to expire at midnight Tuesday, and China's official figures have put the number of countries applying to join at 46 so far. (By Tai Ya-chen and Lilian Wu)


Updated : 2021-09-18 20:04 GMT+08:00