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BRICS bank, AIIB, Silk Road Fund will play complementary role to other lenders: Cambodian PM

Xinhua, March 5, 2015 Adjust font size:

Cambodian Prime Minister Hun Sen said Thursday that BRICS Development Bank, Asian Infrastructure Investment Bank (AIIB) and Silk Road Fund will play a complementary role to existing financial institutions.

"The establishment of BRICS Development Bank, AIIB, and Silk Road Fund has been welcomed by many developing countries because they will play a complementary role to existing financial institutions such as the World Bank, Asian Development Bank and other lenders," he said during the Cambodia Outlook Conference 2015. "These new sources of capital will provide many options to developing countries."

"Cambodia will surely explore the opportunity to capitalize on these latest developments to support our reform and development agenda in the priority areas," he said.

The prime minister said he has observed that countries in the region have drawn up many development projects, but their main challenge is the lack of capital.

BRICS Development Bank, announced by the leaders of BRICS nations - Brazil, Russia, India, China and South Africa - in July last year, will be launched with the start-up capital of 100 billion U.S. dollars.

While the AIIB, with a funding of 100 billion U.S. dollars, will be established by the end of this year as the Silk Road Fund, with China's contribution of 40 billion U.S. dollars, was announced by Chinese President Xi Jinping in November last year in Beijing.

AIIB and Silk Road Fund are aimed to provide financial support to regional infrastructure development projects in the framework of China's Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives. Endi