ASEAN Infrastructure Fund to launch with $485.2 million

The ASEAN Infrastructure Fund (AIF) will be launched in September, during the Informal ASEAN Finance Ministers’ meeting in Washington DC, with initial funding of $485.2 million.

ASEAN Secretary-General Dr Surin Pitsuwan said the fund is just one of the alternative new forms of financing identified to support the implementation of the ASEAN Master Plan on Connectivity which was adopted by South East Asian leaders on 28 October 2010.

"Other forms of financing are being explored, such as the public-private partnership (PPP),” he recently advised representatives of the Federation of Japanese Chambers of Commerce and Industry.

“All ASEAN states have agreed and contributed to the formation of the fund and they agreed that this is an important issue for the region,” the Indonesian Finance Ministry’s Bambang Brodjonegoro told media at the ASEAN Finance Ministers’ Meeting held in April in Bali.

Malaysia is the biggest national contributor with $150 million, followed by Indonesia's $120 million. The Asian Development Bank's contribution to the Kuala Lumpur-based fund is reportedly $150 million.

Comments