Luxembourg's Minister of Finance, Pierre Gramegna, spoke as the only representative of a Western country at the official opening ceremony of the Asian Infrastructure Investment Bank (AIIB) on Saturday 16 January 2016.
Speaking after Chinese President Xi Jinping and South Korean Deputy Prime Minister Yoo Il-Ho, Minister Gramegna emphasised the importance of investing in infrastructure as a means of moving towards economic growth, and of the potential for coordination between the AIIB and other multilateral banks, such as the European Investment Bank (EIB) which is headquartered in the Grand Duchy. He also outlined the guidelines of the Juncker Plan in Europe, which also highlights infrastructure as a boost to growth.
As governor of the new bank, Pierre Gramegna also spoke at the first governors meeting, calling for the highest standards to be applied in the governance of the AIIB. He also spoke of collaboration with the private sector and the key role relating to international financial centres such as Luxembourg.
"Having chaired the meetings of the EU Finance Ministers in the previous six months, I can confirm how positively the project of the AIIB is perceived by EU Member States," Luxembourg's Finance Minister stated at the official inauguration, citing the AIIB as "a platform for cooperation that will foster economic integration and inter-regional connectivity."
Luxembourg was the first country outside Asia to apply for and be accepted as a non-regional member by AIIB. The objective of this new international financial institution is to promote the development of Asian countries in responding to infrastructure needs. The inaugural sessions presented the opportunity to adopt the statues, regulations and internal procedures of the bank and to elect officers before the official commencement of its operations.
The following day, 17 January 2016, Minister Gramegna held a working meeting with his Chinese counterpart Lou Jiwei, in order to exchange views on ecomonic and political issues as well as bilateral relations between Luxembourg and China.
Top photo by gov.cn. Bottom photo by Luxembourg Embassy in China (Pierre Gramegna)
