The Asian Infrastructure Investment Bank (AIIB) announced on the 23rd March 2017 that it approved the application of Timor-Leste to join that institution and it has received the country as Potential Regional Member.
The Asian Infrastructure Investment Bank is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The AIIB has an authorised capital of US$100 billion and gives priority to investment in energy, transport, rural infrastructure, environmental protection and logistics.
The Ministry of Finance of Timor-Leste launched the accession process in September 2016.
The number of members of AIIB has raised to 70 after it had been approved the entry of 13 countries and territories, including Timor-Leste.
Timor-Leste and the new 13 countries will become officially part of the AIIB when they do their first capital injection and all the internal procedures are completed, although it is not yet known the date and the exact amount. After the ratification of the Agreement Establishing the Bank, Timor-Leste will be able to apply for funding to this new multilateral financial institution. The ambition is that the AIIB becomes in the coming years a regional reference for project finance in infrastructure.
All the nations of ASEAN are currently members of this Bank or are in the accession process. Brazil and Portugal are among the 57 founding members of the financial institution.
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