Cabinet nods for Thailand's contribution to AIIB

BANGKOK, January 28 (TNA) - The Thai Cabinet has approved the Kingdom's financial contribution to the China-initiated Asian Infrastructure Investment Bank (AIIB) on a gradual basis over the next five years. Finance Ministry Spokesman Krissana Jinawijarana told journalists that the Thai Cabinet appoved the move at its weekly meeting on January 27, as proposed by his ministry. The spokesman said the Thai government will submit a draft bill on the country's contribution to AIIB to the National Legislative Assembly (NLA) for further deliberation soon. The spokesman stated that Thailand will have to pay 1.4275 per cent of the totally- registered capital of AIIB, which has been established to help promote connectivity within the Southeast Asian region. According to the spokesman, Thailand will have to contribute a total of 10 billion baht or about 2 billion baht annually over the next five years. AIIB now serves as another low-interest source in which member economies are eligible to borrow for infrastructure development purposes, especially for investment in energy, transportation and communication fields, which should help stimulate economic growth and narrow disparity in the region A total of 57 economies in and outside Asia have joined AIIB, which was officially launched in Beijing on January 16, 2016. (TNA)