ArmInfo. Armenia's government has approved a bill on Ratification of Agreement on the Asia Infrastructure Investment Bank (AIIB).
Negotiations related to Armenia's membership process began back in 2016. The process of joining the structure involves subscription to shares of the Bank's authorized capital through paid shares and demand shares. The price of one share is $100 thousand. In 2017, Armenia submitted an application to the Bank, which provided for Armenia's membership in the Bank by subscribing to 374 (three hundred seventy-four) shares. In 2019, the Ministry of Finance of the Republic of Armenia proposed to subscribe to the bank in five shares, but this proposal was fundamentally rejected by the bank on the grounds that only the smallest candidates subscribed in five shares.
Joining the bank is important from the point of view of giving a new impetus to the Armenian-Chinese political dialogue. At the same time, this could create opportunities to attract Chinese-financed investment to modernize Armenia's transport infrastructure.
Membership in AIIB gives Armenia the opportunity to participate in major regional investment projects, while collaborating with other multilateral and bilateral development institutions and attracting public and private investment. Membership is also advisable from the point of view of diversifying sources of credit funds," says the draft decision initiated by the RA Ministry of Economy.
