SL to establish divisional office of China-led AIIB

The Cabinet nod was granted this week to establish a divisional office of China-led Asian Infrastructure Investment Bank (AIIB) under the Ministry of Finance, Economic Stability and National Policies.
The Beijing-headquartered multilateral development bank is comprised of non–residential directors and is divided into 12 divisions consisting of member countries. 

Sri Lanka who is an opening member represent the 11th division of the bank where Indonesia being the main shareholder of that division. Along with Sri Lanka, Cambodia, Myanmar, Laos, and Eastern Timor are the other member countries of that division.
According to the memorandum of understanding (MOU) signed among member countries in 2016, 

the directorate and optional directorate relevant to that division is circulated among the states.   Accordingly, Sri Lanka is expected to receive the opportunity for holding the office of the directorate and chairing the division within the 2022-2024 period. 
“… the opportunity for holding the office of the directorate and chairing the division within 2022-2024 period is bestowed to Sri Lanka and a Deputy Secretary to the General Treasury has been nominated to the office,” the Government Information Department said.