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Azerbaijani parliament passes law on approval of ABII agreement articles

Politics Materials 4 March 2016 20:40 (UTC +04:00)
The Azerbaijani parliament passed the law "On approval of the articles of Agreement of the Asian Infrastructure Investment Bank" (ABII) at the plenary session March 4.
Azerbaijani parliament passes law on approval of ABII agreement articles

Baku, Azerbaijan, March 4

By Azad Hasanli - Trend:

The Azerbaijani parliament passed the law "On approval of the articles of Agreement of the Asian Infrastructure Investment Bank" (ABII) at the plenary session March 4.

"ABII member-states consider the contribution in strengthening of the sustainable development, social and economic progress of Asian countries, strengthening of their economy, as well as strengthening of regional resistance to potential financial crises and other external factors as an important condition for cooperation," the agreement said.

ABII's authorized capital is $100 billion, divided into one million shares worth $100,000 each.

Azerbaijan's membership capital hits $254.1 million. The number of shares hits 2,541.

According to the agreement, the bank's resources consist of ordinary resources for ordinary transactions and resources of special funds (for special operations). According to the agreement, both types of these resources were stored and invested separately. However, they may be used to finance the different elements of the same project or program.

For example, the ordinary resources of the bank are its share capital, funds, drawn from other countries, etc. The funds for special operations are any funds deposited in special funds, investment income received through the special fund, the funds received from the issuance of loans or guarantees.

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