Monday, June 3 2024 10:55

ArmInfo.Armenia intends to join the Asian Infrastructure Investment Bank (AIIB). The Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly of the Republic of Armenia issued a positive conclusion on the draft agreement with this financial institution at a meeting on June 3.

As Deputy Minister of Economy of the Republic of Armenia Narek  Hovakimyan noted in his speech, the bank was founded in 2015 by the  government of the People's Republic of China. AIIB is mainly focused  on financing long-term national projects in different countries. The  Deputy Minister reported that Armenia intends to purchase 374 shares  of the Bank for $37.4 million. Moreover, the country's government  will purchase these shares over five years, paying 20% of the funds  annually.  Hovakimyan emphasized that the Armenian side submitted an  application for membership in the AIIB back in 2017, which, however,  was rejected at the time, and now it has the opportunity to join,  which in the future will allow more effective management of all  existing risks and diversification of the country's economic  development directions.

Initiated by China in October 2013 at a meeting of the leaders of the  economies participating in the Asia- Pacific Economic Cooperation  forum in Indonesia, the Asian Infrastructure Investment Bank is an  international financial organization, that aims to collectively  improve economic and social outcomes in Asia.  . The Bank was founded  on October 24, 2014, when a memorandum of understanding between the  founding countries of the Bank was signed at a ceremony in Beijing.  On June 29, 2015, representatives of the 57 founding countries signed  the Bank's Charter, which, along with the Articles of Agreement, set  out the basic principles of its operation. As of the end of January  2024, the AIIB includes 109 member states:  47 regional and 48  non-regional states, as well as 14 candidates for membership,  including Armenia.