NZ formal member of Asian investment bank

  • 08/12/2015
Finance Minister Bill English
Finance Minister Bill English

New Zealand had formally become a member of the Asian Infrastructure Investment Bank.

New Zealand was the first developed western country to join negotiations to set up the bank and it's the ninth founding member to ratify its membership.

Finance Minister Bill English says New Zealand's involvement with the bank will further enhance economic, trade and investment links with Asia.

"New Zealand is benefiting from the rapid and sustained economic development across Asia," he said.

"For this to continue, the region needs to address constraints posed by infrastructure bottlenecks."

The bank will have around NZ$150 billion of initial capital to promote sustainable development in the region.

Its infrastructure investments will include improving transport links, providing sanitation and clean drinking water, and supporting cleaner and more sustainable energy.

The bank is expected to begin operations in January.