Cambodia to Join China’s $100 Billion Asia Infrastructure Bank

[geovalin]

Khmer Time/ Ven Rathavong

Cambodia today signed on to a Chinese-backed infrastructure investment bank designed to challenge the economic dominance of the World Bank and the Asian Development Bank (ADB).

Council of Ministers spokesman Phay Siphan said the decision to join the new Asian Infrastructure Development Bank (AIIB) would give the Kingdom more choices for medium and long-term financing as it seeks money to develop.

The decision still requires parliamentary approval which is guaranteed with the government’s majority in the National Assembly.

source: http://www.khmertimeskh.com/news/16703/cambodia-to-join-china---s---100-billion-asia-infrastructure-bank/