Kuwait – Mubasher: The financial and economic affairs committee of the Kuwaiti parliament has rejected the country’s participation in raising the capital of the Asian Infrastructure Investment Bank (AIIB) by $536 million.
The bank has requested a participation amounting to $731 million, rapporteur of the committee Safa Al-Hashem said, according to Al-Qabas newspaper.
The finance minister of Kuwait, Anas Al-Saleh, previously said that 20% of the original amount will be paid as one tranche, while the remaining tranches will be paid in five years. He noted that the withdrawal would be from the country’s public reserve.
Al-Hashem clarified that the US and Japan have refused to participate in the bank’s capital hike, as the establishment of the bank would create an entity which can play the role of both the International Monetary Fund (IMF) and the World Bank (WB).
It is noteworthy that AIIB has capital standing at $100 million, with 57 countries included, Al Hashem noted.
