Prospective founding members of the China-led Asian Infrastructure Investment Bank will hold a three-day meeting in Singapore this week to discuss policies, the city-state’s finance ministry said Tuesday.
The fifth chief negotiators’ meeting on establishing the AIIB will begin on Wednesday and involve its 57 prospective founding members, the ministry said in a statement.
It will be co-chaired by Shi Yaobin, China’s vice minister of finance, and Yee Ping Yi, deputy secretary of Singapore’s finance ministry.
‘The meeting will discuss the draft articles of agreement and operational policies for
the AIIB,’ it said, without providing further details.
Japan and the United States were the biggest standouts earlier this year when China began courting members for the AIIB, which some analysts see as a vehicle to expand its economic influence.
Washington led a high-profile, and ultimately unsuccessful, attempt to dissuade allies like Britain and Germany from taking part.
US president Barack Obama and Japan’s prime minister Shinzo Abe said last month they did not oppose the bank, but stressed it needs high standards and transparency.
Critics have said the bank will not demand the same governance and environmental standards imposed by other international bodies, such as the US-based International Monetary Fund and World Bank, and the Japan-led Asian Development Bank.
But supporters say fears of undue Chinese influence are overblown, and participation by more than 50 countries will dilute Beijing’s power.
The announcement of the Singapore meeting came amid reports earlier Tuesday that Japan will later this week announce a $100 billion plan to invest in roads, bridges and other building projects in Asia, a sum in line with the AIIB’s expected capital.