Bill on AIIB membership passed

Parliament has passed the bill proposed by the government regarding Maldives becoming a member of Asian Infrastructure Investment Bank (AIIB).

The purpose of the bill, submitted by Nilandhoo MP Abdulla Khaleel and passed by the unanimous vote of the parliament today, is to establish a comprehensive law and detailed policies on Maldives’ AIIB membership.

The bill states that agreements related to the bank shall be signed by an individual appointed by the President, and money received under this agreement shall be deposited as per relevant laws to an account at the central bank, Maldives Monetary Authority (MMA).

The President shall also appoints governors and alternate governors to represent Maldives in the bank, and the governors and alternate governors thus appointed will be mandated to act in accordance with international best practice in multilateral development banks.

The bill states that all transactions performed under the regulation established for the management of the bank under the Articles of Agreement, shall be exempt from local taxation.

The agreement for the establishment of the AIIB, initiated by China, was signed on behalf of the Maldivian government by Minister of Finance and Treasury Abdulla Jihad four months ago.