ASEAN+3 endorse initiative for infrastructure financing bonds

ASEAN countries, together with China, Japan and South Korea, on Friday endorsed an initiative on "Fostering Infrastructure Financing Bonds Development" in order to boost infrastructure projects in Southeast Asian countries. The finance ministers, central bank governors and senior officials of these countries said the Asian Bond Markets Initiative, or ABMI, has been making continuous progress under the auspices of the ASEAN+3 framework in promoting issuance and facilitating the demand of local currency denominated bonds. China, the chair of Plus-Three countries at the meeting in the Indian capital Friday, proposed to ASEAN the initiative of infrastructure financing bonds, with the aim of promoting both the issuance and demand of infrastructure financing bonds, said Zhu Guangyao, Vice Minister of Finance of China. In his response to the initiative, Pehin Dato Abd Rahman Ibrahim, Minister of Finance II at the Prime Minister's Office of Brenei Darussalam, said the ASEAN welcomes the initiative as there exists a huge gap between demand and the financing for infrastructure in these countries. "We expect the ABMI Taskforces to develop detailed work plans while encouraging private sectors' involvement and taking into account current efforts of the region to improve synergies," said a joint statement of the 16th ASEAN+3 Finance Ministers and Central Bank Governors' Meeting. The meeting was held at the sidelines of the 46th ASian Development Bank annual meeting in the Indian capital this weekend.