Malaysia fully supports China’s setting up of the Asian Infrastructure Investment Bank (AIIB) that will rival the US-led World Bank and the International Monetary Fund.
The US$100 billion AIIB will fund development projects that promote connectivity and economic integration in Asia.
China’s former deputy finance minister Jin Liqun has been named president-elect of the bank.
Japan and the United States were among the countries that opted out of the initiative.
Malaysia signed the articles of agreement for the setting up of AIIB on August 21, according to a statement by the Malaysian embassy here yesterday.
Ambassador Zainuddin Yahya signed on behalf of the government at the Chinese Foreign Affairs Ministry.
In June, 50 of the 57 prospective founding members of AIIB signed the agreement at the Great Hall of the People.
Malaysia was one of the seven that had deferred signing, pending internal approvals.
China’s Department of Treaty and Law deputy director-general Sun Ang told Zainuddin that Malaysia was first among the seven nations to sign.
Zainuddin assured the Chinese of Malaysia’s full commitment to ensuring the bank’s smooth operations.
He also conveyed Malaysia’s appreciation to the Chinese government for its “strong commitment and leadership in spearheading the establishment of the bank”.
In response, Sun Ang said China was grateful for Malaysia’s contribution and commitment towards AIIB.
Also present at the signing ceremony was the embassy’s deputy chief of mission John Samuel and first secretary Mohammed Hosnie Shahiran Ismail.