Timor-Leste’s application to the Asian Infrastructure Investment Bank (BAII) was approved by the Board of Governors of the institution and the country has been accepted as a potential regional member, the Timorese government said in a statement released recently in Dili.
“Timor-Leste thus joins the other 69 member countries of that institution, which seeks to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects,” the document said.
Timor-Leste will move from “potential member” and officially join the BAII as soon as the necessary internal procedures have been completed and the first installment of capital is deposited in the bank.
All the countries of the Association of Southeast Asian Nations (ASEAN) are currently members of the BAII or are in the accession process. (macauhub)