Switzerland Begins Public Consultations on Joining China-Led AIIB

by swisscham in Business

Switzerland’s Federal Council launched on 12 August public consultations to cement the country’s membership with China’s Asian Infrastructure Investment Bank (AIIB), a financial institution seeking to foster sustainable development in Asia. This follows the June signing of the Articles of Agreement by Swiss Federal Councillor Johann Schneider-Ammann in Beijing. Switzerland is one of 57 prospective founding members, and has demonstrated great interest from the onset as it was amongst the first European countries to enter the AIIB’s founding process. According to the Swiss State Secretariat for Economic Affairs (SECO), the confederation’s stake in the bank’s $100 billion capital stock will be a total of USD 706,4 million, to be paid in five annual installments. Switzerland’s voting power (0.874%) will yield more clout than its financial input through the country’s basic and founding member votes. SECO also indicated that the confederation will continue to actively take part in the bank’s foundation while vying for a seat on the AIIB’s Board of Directors. Both Switzerland’s development policy and its foreign economic policy are in tune with AIIB plans to finance infrastructure projects in Asia by using its own resources and through public funds and private investment.

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