PUBLISHED ONJune 28, 2015 8:50 AM
JAKARTA - Indonesia will sign up as a founding member of the China-backed Asian Infrastructure Investment Bank (AIIB) with an investment of US$672.1 million paid over five years, the Finance Ministry said in a statement on Sunday.
Indonesia will be the eighth-largest shareholder in the AIIB, the statement said, without detailing what percentage its share would represent. Finance Minister Bambang Brodjonegoro is scheduled to travel to Beijing to sign the agreement on Monday.
The AIIB will begin with authorised capital of $50 billion, eventually to be raised to $100 billion.