A meeting of the Timor-Leste (East Timor) cabinet Ministers authorized the Ministry of Finance to start the process of joining the Asian Investment and Infrastructure Bank (AIIB), according to a press release published on the official government website.
The AIIB, based in Beijing, was established in December 2015 following a proposal from China, which is the largest shareholder of the bank. The financial institution started operating in January this year.
The AIIB has an authorised capital of US$100 billion and gives priority to investment in energy, transport, rural infrastructure, environmental protection and logistics.
Brazil and Portugal are among the 57 founding members of the financial institution led by China. (macauhub/CN/TL)