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2nd LD Writethru: Taiwan applies to join AIIB

Xinhua, March 31, 2015 Adjust font size:

Taiwan has submitted a letter of intent on joining the Asian Infrastructure Investment Bank (AIIB) proposed by the Chinese mainland, the island's finance authority said Tuesday.

The island's last-minute application, signed by the island's finance chief Sheng-Ford Chang, was faxed to the Multilateral Interim Secretariat for the AIIB, according to a statement shown by the island's finance and mainland affairs authorities.

The letter said Taiwan's joining the AIIB would provide new financing avenues for infrastructure projects.

Taiwan's joining the AIIB could help the island's participation in the "Belt and Road" Asian infrastructure initiatives, and this will become the new focus of cross-Strait economic and trade cooperation, Chang said in a late-night press conference.

Tuesday is the deadline for such applications pending the agreement of the bank's existing 27 prospective founding members.

Andrew Hsia, Taiwan's mainland affairs chief, told the press conference that the island's application to join the AIIB will help cross-Strait relations, bring many business opportunities to Taiwan and give enterprises a bright future.

The AIIB, an international financial institution aiming to provide support to infrastructure projects in Asia, is expected to be established by the end of this year. Endi