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Philippines to take part in the annual AIIB Board of Governors Meeting to discuss infrastructure development

According to the announcement made by the Department of Finance (DOF), Sec Dominguez will be representing the Philippines in the annual Asian Infrastructure Investment Bank (AIIB) Board of Governors Meeting to discuss ways in ensuring a sustainable future for Asia through sound infrastructure investments.

DOF Secretary Carlos Dominguez III has arrived in Mumbai, India to take part in the third annual meeting of the Board of Governors of the AIIB set to begin on 25 June 2018.

The Board of Governors’ meetings and seminars will focus discussions on ways to ensure a sustainable future for Asia through sound infrastructure investments. Not only that, but this year’s meeting will also feature the launching of the Asian Infrastructure Forum (AIF).

The AIF aims to gather policy makers and experts involved in infrastructure development in practical and project-driven discussions that focus on matching innovative financing programs to critical infrastructure needs.

According to India, this year’s host, the annual meeting recognises the private sector’s vital role in bridging the infrastructure gap with the theme, “Mobilising Finance for Infrastructure: Innovation and Collaboration”.

Sec Dominguez is the AIIB Governor for the Philippines. He will be attending the Governors’ Seminars as well as doing the task of delivering the Philippines’ statement during the Governors’ Business Roundtable on the afternoon of 25 June.

Sec Dominguez will also be delivering the keynote speech at the AIF workshop on “Advancing Together: ASEAN Infrastructure Development” after the Governors’ Plenary Session that will be happening from morning till early afternoon of 26 June.

Other notable people who are joining Sec Dominguez in the panel discussion during the workshop are Singapore Finance Minister Heng Swee Keat, Indonesia’s Minister of National Development Planning Bambang P.S. Brodjonegoro, Secretary (East) of India’s Ministry of External Affairs Ms Preeti Saran, and HSBC Vice-Chairman for Global Banking Mr Kevan Watts.

Sec Domiguez will then proceed to fly to the city of Chennai in South India in order to deliver the keynote speech, upon the invitation of the M.S. Swaminathan Research Foundation (MSSRF).

MSSRF is a non-profit organization that develops and promotes strategies for economic growth through the use of science and technology for sustainable agriculture and rural development.

Sec Dominguez will be discussing the Duterte administration’s economic strategy of modernising infrastructure and developing human capital to achieve sustainable and inclusive growth before members of the Foundation.

The AIIB Board of Directors has approved 26 infrastructure projects across Asia totalling around US$4.52 billion to be financed by the bank as of 11 April 2018.

The Metro Manila Flood Management Project Phase 1 (MMFMP1) is the first project in the Philippines co-financed by AIIB with the World Bank. It was signed in December 2017 and declared effective on 15 March 2018.

Headquartered in Beijing, The AIIB commenced operations in January 2016 and has now grown to 86 approved members from across the globe. “To improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects” is the bank’s mission.

Its first Annual Meeting was held in Beijing, China in 2016, while the second meeting was held in Jeju Island in South Korea in 2017.

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