Finance Minister Edward Scicluna is in Beijing for the inaugural meeting of the Board of Governors of the newly-formed Asian Infrastructure Investment Bank (AIIB), a China-led multilateral development bank in which Malta is a founder member along with 56 other countries.

These include a number of other EU member states including the UK, France, Germany and Italy.

The Maltese Parliament approved the ratification of the articles of agreement that establish the AIIB as an international organisation in its last sitting before Christmas.

“Malta is proud to be among the founding members of the AIIB. Although the bank is based in Asia, we too are benefiting and can continue to attract Asian investment, especially from China. Asia is a region with enormous economic potential, and this is a golden opportunity for us to have an active, although modest, presence where things are really happening,” Prof. Scicluna said.

The bank, which is being hosted by the Chinese government in Beijing, will provide financial support for infrastructure development and regional connectivity in Asia.