South Africa is set to join the Asian Infrastructure Investment Bank, an international financial institution which provides finance for infrastructure projects, after Cabinet recently approved the decision.

“South Africa’s participation will strengthen its growing business relationships with the region and will also demonstrate solidarity with the region’s development aspirations,” said Minister in the Presidency responsible for Planning, Monitoring and Evaluation, Jeff Radebe, on Thursday.

He was briefing media following Cabinet’s meeting earlier this week.

Cabinet has also approved the submission of the Additional Protocol to the Trade, Development and Cooperation Agreement between the European Community and its Members States to Parliament for ratification.

The Additional Protocol takes into account the accession of the Republic of Croatia to the European Union (EU) which joins later into the Protocol.

Minister Radebe highlighted that the enlargement of the EU will improve SA’s market access into the EU, which will lead to creation of job opportunities, fostering economic growth and improve consumer choices.

“This is in line with the National Development Plan vision of creating employment, growing the economy and promotion of exports,” the Minister said during a post Cabinet briefing held in Cape Town.