As China.org.cn reports, the New Zealand government announced Monday that the country will invest NZ$125 million ($87.27 million) in the China-led Asian Infrastructure Investment Bank (AIIB) paid over five years.
New Zealand has agreed to become a founding member of the AIIB, which is being established to invest in new infrastructure across Asia, Finance Minister Bill English said in a statement.
The bank aimed to address a significant gap in infrastructure investment in the Asian region, which would enhance the Asian region's growth and in turn be good for New Zealand, English said.
"New Zealand was the first Western developed nation to join negotiations to set up the bank and our membership will enhance our already strong economic, trade and investment links with the Asian region," said English.
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