Govt approves AIIB bill

A bill titled “Asian Infrastructure Investment Bank Bill, 2016” was passed in the parliament today, paving the way for Bangladesh to join the AIIB as a founding member.

MA Mannan, state minister for finance and planning, placed the bill with Speaker Shirin Sharmin Chaudhury in the chair. The bill was passed in voice vote.

A number of lawmakers including Fakhrul Islam of Jatiya Party opposed the bill, saying World Bank (WB) or Asian Development Bank (ADB) may get disappointed on Bangladesh for joining China based AIIB.

In reply, the state minister ruled out his anxiety saying that joining the AIIB does not mean that Bangladesh is leaving WB or ADB or any other international donor agency.

“We are increasing the number of our foreign friends. Joining in Asian Infrastructure Investment Bank is the part of this initiative. We need more capital to carry out the country’s development activities and China based bank will help us in this regard,” Mannan added.

While placing the bill, the state minister said the AIIB is aimed at ensuring sustainable development in Asia through increasing regional cooperation and partnership among bilateral and multilateral development organisations.

China took initiatives for establishing the AIIB with 57 founder members. On December 29, 2015 the cabinet approved the bill.