Vice-Minister of Finance participated in the 5th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank

The Governor representing The Democratic Republic of Timor-Leste, Vice-Minister Sara Lobo Brites, participated in the 5th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) on 28th of July 2020 from the Ministry of Finance Tower at Aitarak-Laran, in Díli.

Governors from around the world, including the Governor representing Timor-Leste, were joined by virtual means with AIIB dignitaries from Beijing, China. The highlights of the Meeting included the opening speech by the President of People’s Republic of China, Xi Jinping, the voting session by all Governors to elect the President of AIIB and the presentation of the 2019 Annual Report. The current AIIB President Mr. Jin Liqun was re-elected by a unanimous vote to a second 5-year term by the Board of Governors.

Timor-Leste became a member of the Asian Infrastructure Investment Bank in 2017, a year after its establishment in 2016 as the newest multilateral development bank (MDB) that has 82 members spanning across continents.

Guided by “lean, clean and green” core values, the AIIB has the mandate to promote sustainable economic development, create wealth and improve infrastructure connectivity in Asia, investing in infrastructure and other productive sectors, promote cooperation and regional partnership, as well as working in close cooperation with other multilateral and bilateral development institutions.

Meanwhile, the Bank’s priorities underlining sustainable infrastructure, cross-border infrastructure, mobilization of private capital cover projects that promote sustainable infrastructure and support countries that are striving to achieve environmental and development goals.

AIIB has funded 63 projects around the world worth USD12 billion during the first 5 years of its inception. This year, AIIB has allocated USD10 billion under COVID-19 Recovery Facility to provide financing for countries in dealing with health and socio-economic effects of the current worldwide pandemic.

Timor-Leste does not have a loan with AIIB at this stage; however, the Ministry of Finance will be looking at ways of discussing with AIIB for possible financing development in Timor-Leste in the near future.