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Irish cabinet publishes draft bill regarding AIIB membership

Xinhua, May 14, 2017 Adjust font size:

Irish cabinet on Saturday published a draft bill regarding the country's potential membership of the Asian Infrastructure Investment Bank (AIIB).

Under the provisions of the Irish constitution, such membership requires the approval of the parliament through the enactment of appropriate primary legislation.

On March 23, Ireland was approved as one of 13 new members to join the AIIB.

The AIIB is a new multilateral financial institution which came into operation in January 2016 and aims to foster economic development and regional integration in Asia, primarily through investment in infrastructure. The bank has 57 founding members and is based in Beijing.

Ireland's application for AIIB membership is based on a desire to further strengthen its growing trade and economic links to Asia and China in particular and to continue Ireland's firmly established commitment to international development, according to Irish Finance Minister Michael Noonan.

"This is the next step in completing Ireland's membership of this important regional development bank, which will play an important role in fostering sustainable economic growth and prosperity in Asia," Noonan said.

"Ireland's membership of the AIIB will further develop our strong ties to this region and is in keeping with our commitment to international development," he said.

The Irish minister said he had witnessed the extent of Ireland's connections with this growing and vibrant area of the world during his recent visits to Malaysia and Singapore.

"I could also see the potential of this region to deliver even greater economic opportunities for our exporters and how important it is to have strong ties with the region," he said.

The AIIB membership will "give Ireland a permanent connection to Asia and China as they continue to grow and advance," he added. Endit