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Minister Noonan welcomes Asian Infrastructure Investment Bank Acceptance of Ireland’s Application for Membership
Today (23-March-2017) Ireland’s application for membership of the Asian Infrastructure Investment Bank (AIIB) was approved by AIIB Governors. Ireland is one of a number of applicants to the new Beijing-based international financial institution whose membership was approved today. Ireland will now proceed with the domestic legislative steps necessary to complete the membership process.
Ireland’s application for AIIB membership is based on a desire to further strengthen our growing trade and economic links to Asia and China in particular and to continue Ireland’s firmly established commitment to international development.
The AIIB will seek to address the significant demand for infrastructure in Asia, with the aim of fostering economic development and regional integration.
As with all other international financial institutions of which Ireland is a member, Ireland’s membership of the AIIB will require primary legislation in order to complete the membership process.
Commenting on the decision to approve Ireland’s application for membership, Minister for Finance Michael Noonan T.D. stated:
“I am pleased that the Asian Infrastructure Investment Bank Board of Governors today approved Ireland’s application for membership. The AIIB will play an important role in fostering sustainable economic growth and prosperity in Asia and Ireland’s proposed membership will further strengthen our relationship with this important region.”
Notes for Editors
About the AIIB
The AIIB is a new multilateral financial institution which came into operation in January 2016 and aims to foster economic development and regional integration in Asia, primarily through investment in infrastructure. The Asian Infrastructure Investment Bank has 57 Founding Members and is based in Beijing, with China playing a leading role in its establishment.
Next steps
Ireland’s membership of the AIIB is contingent on the necessary Oireachtas approval and passage of enabling legislation. The Department of Finance, in close consultation with the Department of Foreign Affairs and Trade, will be progressing the domestic legislative process in order to officially join the Bank in the near future.