Banking on Chinese backing

“If I need it I will go first to the AIIB. If we utilise old-style multilaterals, we cannot achieve our target”


Indonesia’s deputy minister for infrastructure affairs Kennedy Simanjuntak tells the Financial Times of his preference for borrowing from the China-backed Asian Infrastructure Investment Bank (AIIB). He wants funds for a $31 billion new city on the island of Borneo, ready by 2024 to replace Jakarta as capital. Simanjuntak described the AIIB as more flexible than the World Bank: “With old-style banks I’m worried… They’re very slow.”

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