Switzerland takes AIIB debate public
Print Edition
SWITZERLAND’S Federal Council yesterday began public consultations on the country’s plans to join the Asian Infrastructure Investment Bank (AIIB).
Swiss Federal Councilor Johann Schneider-Ammann signed the articles of agreement to join the bank in Beijing in June.
Switzerland is one of 57 prospective founding members, and was one of the first European countries to enter the process.
The Swiss State Secretariat for Economic Affairs (SECO), said earlier that the country’s stake in the bank’s US$100 billion capital stock will be US$706 million, to be paid in five annual installments.
Switzerland’s voting power will yield more clout than its financial input through the country’s basic and founding member votes.
Switzerland is also vying for a seat on the AIIB’s board of directors, the SECO said.
Both Switzerland’s development policy and its foreign economic policy are in tune with AIIB plans to finance infrastructure projects in Asia by using its own resources and through public funds and private investment.
Particular emphasis will be placed on transport, energy and water supply, ports, the environment, urban development and logistics, information technologies and telecommunication, as well as rural and agricultural development.
The SECO said Switzerland’s participation will enhance economic relations with China and Asia as a whole.
With the deadline shortened to accelerate the launch of the ratification process, the public consultations are expected to run until September 2.
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