| Cambodian parliament ratifies AIIB agreement |
| English.news.cn 2016-01-13 11:57:41 |      |
PHNOM PENH, Jan. 13 (Xinhua) -- Cambodia's National Assembly on Wednesday ratified the agreement on the establishment of the Asian Infrastructure Investment Bank (AIIB), which enables the country to become a founding member of the China-initiated bank.
Ninety-three lawmakers in attendance, including Prime Minister Hun Sen, unanimously ratified the agreement.
Cheam Yeap, chairman of the National Assembly's Commission on Economy, Banking, Finance and Audit, said becoming a founding member of the AIIB is an excellent and right choice for the Cambodian government in mobilizing an additional source of capital for infrastructure development.
"This is the second historical milestone for Cambodia that has joined to form international financial institutions after the country joined as a founding member of the Asian Development Bank in 1966," he said.
With an authorized capital of 100 billion U.S. dollars, the Beijing-based AIIB, formally established last month, has been considered as a milestone in the reform of the global economic governance system as well as in the infrastructure development in the Asia-Pacific region.
According to Cheam Yeap, Cambodia will invest 62.3 million U.S. dollars to purchase 623 shares in equivalent to 0.0635 percent of the AIIB's total capital.
Under the agreement, Cambodia will contribute 20 percent or 12.46 million U.S. dollars of its total investment amount to the bank at the initial stage and the remaining amount will be required to pay in phases within 10 years.
Economy and Finance Secretary of State Vongsey Visoth said the AIIB would provide a new source of capital for infrastructure development in developing countries in Asia.
"There is a massive shortage of capital for infrastructure development in developing countries in Asia, so the AIIB will play a complementary role to the Asian Development Bank and the World Bank in supporting infrastructure projects in developing countries," he said during the assembly floor.
2 comments:
If the NEC selected Khmer traitor Tep Netha as its general secretary, there must be something wrong in the NEC's process.
Khmer people must make a huge demonstration to stop the evil Yuon and its slave Hun Sen from going forward on its plan to swallow Cambodia.
The RIGHT TIME to make the demonstration is right here to stop this asshole Tep Nitha from becoming the NEC's secretary.
Khmer people cannot wait until after the election to make the demonstration when the CPP again declares itself as the winner. At that time (after the election), Khmer people's demonstration will be useless and will also empower Hun Sen to crush Khmer people at will, arguing that the demonstration was just a ploy to illegally topple him.
Therefore, the road to save Cambodia starts from here - keep this crook Tep Nitha away from the NEC.
the US is on its dying days.. every country even its allies [ england and europe ] has signed up with this Chinese newly created bank -- to the chagrin of the DC administration...china's plan is world dominance just like the US once was.. but thanks to the clinton, bush and now obama we're almost the laughing stock of the world.. the only saving us right now is the US dollars which is needed for buying OIL ans its military force.. it started with a contract US and saudi signed many years ago that they will only sell oil for US dollars and in return they will get protection and military weapons ... but now china and russia have managed to convince some oil producing countries to trade in their local currencies -- totally by passing the US dollars... a new de-classified e-mail from the crook hillary has shown that gaddafi was removed because he planned to move away from taking dollars for oil [ not because he was a dictator ] and plus France supported the US invasion because it wanted their Gold--- same with saddam hussein, by the way... you can google the articles -- if having doubt.
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