Credit: Bhutan will consider joining the Asian Infrastructure Investment Bank (AIIB) only if the need to finance big infrastructure arise in future.

At the moment, the Prime Minister Tshering Tobgay, during the meet the press session on Friday, said the government doesn’t need any new loans as of now. The government didn’t even discuss about joining the new bank.

AIIB is a proposed international financial institution, focused on supporting infrastructure construction in the Asia-Pacific region. The bank was proposed as an initiative by China and supported by 37 regional and 20 non-regional members Prospective Founding Members. AIIB is regarded as a rival for the IMF, the World Bank and the Asian Development Bank (ADB). India is the second largest shareholder.

“We are in the middle of the 11th Plan and we have secured all financing needed,” he said. The financing is mainly from internal revenue, grant and concessional loans from ADB, World Bank, IFC and couple of other international organisations.

The government, he said has been careful and cautious in expanding the non-hydro loan.

But, he said the government might consider joining other banks, including the AIIB if big infrastructure has to be developed.