Minister Noonan publishes the Asian Infrastructure Investment Bank Bill 2017
The Minister for Finance, Michael Noonan T.D. today (12 May 2017) published the Asian Infrastructure Investment Bank Bill 2017. This Bill will provide for Ireland’s potential membership of the Asian Infrastructure Investment Bank (AIIB). As previously announced, Ireland’s application for membership of the AIIB was accepted on 23 March 2017.
Membership of the AIIB would require ratification of an international agreement. Under the provisions of the Constitution, such ratifications require the approval of the Oireachtas through the enactment of appropriate primary legislation.
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.
This is the second piece of legislation published by the Minister for Finance Michael Noonan T.D. this week.
Commenting on the decision to approve Ireland’s application for membership, Minister for Finance Michael Noonan T.D. stated:
“I am pleased to announce the publication of the Asian Infrastructure Investment Bank Bill 2017. This is the next step in completing Ireland’s membership of this important regional development Bank, which will play an important role in fostering sustainable economic growth and prosperity in Asia.”
“Ireland’s membership of the AIIB will further develop our strong ties to this region and is in keeping with our commitment to international development. During my recent visits to Malaysia and Singapore I witnessed the extent of Ireland’s connections with this growing and vibrant area of the world. I could also see the potential of this region to deliver even greater economic opportunities for our exporters and how important it is to have strong ties with the region. Membership of the Asian Infrastructure Investment Bank will give Ireland a permanent connection to Asia and China as they continue to grow and advance.”
Note for Editors
About the Asian Infrastructure Investment Bank (AIIB)
The Asian Infrastructure Investment Bank 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 Bank has 57 Founding Members and is based in Beijing.