November 27, 2014 / 4:50 AM / in 5 years

Indonesia's finance ministry signs MOU to join China-backed bank

JAKARTA, Nov 27 (Reuters) - Indonesia’s finance ministry has signed a memorandum of understanding to join a China-backed Asian infrastructure bank, according to a statement on a Chinese embassy website.

Indonesian Finance Minister Bambang Brodjonegoro on Tuesday signed the MOU with Chinese Ambassador to Indonesia Xie Feng in attendance, said the statement, which included a picture of the ceremony.

“Indonesia highly appreciates the proposal of the Asian Infrastructure Investment Bank, and has been actively involved in the preparation process,” Brodjonegoro was quoted as saying in the statement.

Indonesian Cabinet Secretary Andi Widjajanto later said the MOU was not yet finalised as it was still being processed between the finance and foreign ministries.

The $50-billion Asian Infrastructure Investment Bank (AIIB), launched last month in Shanghai, is seen by the United States as a challenge to the Western-dominated World Bank and Asian Development Bank.

Reporting by Kanupriya Kapoor, Angie Teo and the Jakarta bureaul Editing by Kim Coghill

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