Heng in South Korea to attend AIIB meeting

Singapore's Finance Minister Heng Swee Keat, accompanied by finance ministry officials, will be in South Korea today to attend the second annual meeting of the Asian Infrastructure Investment Bank (AIIB).

His counterparts, Mr Xiao Jie from China, Mr Arun Jaitley from India, and Mr Kim Dong Yeon from South Korea, will be at the meeting.

The event, on the island Jeju, will discuss future directions for the 77-member bank under the theme of sustainable infrastructure. It will draw 25 ministers and more than 2,000 attendees, including government officials and bank executives.

Mr Heng, as Singapore's representative on AIIB's board of governors, will attend a session on AIIB's annual report for last year and the budget for this year, according to a press statement issued yesterday by the Ministry of Finance.

Singapore is one of 57 founding members of the China-led AIIB. The bank's first annual board meeting was held in Beijing in June last year.

Jeju was chosen this time so that the bank can learn from South Korea's experience in developing infrastructure, said AIIB officials. The country is the bank's fifth-largest stakeholder, with a 4 per cent stake.

The AIIB is set to increase its lending power in the coming years. The bank plans to approve loans worth US$2.5 billion (S$3.5 billion) this year, up from US$1.7 billion last year. It has already committed to 13 infrastructure projects in eight countries.

Chang May Choon

A version of this article appeared in the print edition of The Straits Times on June 16, 2017, with the headline 'Heng in South Korea to attend AIIB meeting'. Print Edition | Subscribe