Cabinet approves plan to buy AIF shares

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BANGKOK, 22 February 2012  – The Cabinet has approved of the proposed buying of ASEAN Infrastructure Fund (AIF) shares worth 15 million US dollars.

Government spokesperson Thitima Chaisang announced that the Cabinet had agreed to the Finance Ministry’s proposal to buy the AIF shares.

According to Ms Thitima, Malaysia has bought 150 million dollars’ worth of shares, while Indonesia has acquired shares worth 120 million dollars. She added that the Philippines, Singapore, and Thailand each owns 15 million dollars’ worth; Brunei’s and Vietnam’s holdings are valued at 10 million dollars apiece.

The Spokesperson said the matter does not need parliamentary approval as it does not have any direct impact on the nation’s economy.

Under the project, ASEAN member countries have agreed to contribute to the Fund in order to build infrastructure in the region in an effort to settle development gap ahead of the economic integration in the region in 2015.