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

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.