Uzbekistan to be AIIB co-founder
Tashkent, Uzbekistan, Oct. 25
By Demir Azizov- Trend:
Uzbekistan will be one of the co-founders of the Asian Infrastructure Investment Bank (AIIB) with a projected authorized capital of $ 100 billion, a representative of the Uzbek financial circles told Trend Oct. 24.
The signing ceremony of a memorandum of understanding on AIIB establishment was held in Beijing, the representative said.
The memorandum was signed by India, Singapore, Vietnam, the Philippines, Mongolia, Bangladesh, Brunei, Cambodia, China, Kuwait, Laos, Malaysia, Myanmar, Nepal, Oman, Pakistan, Qatar, Sri Lanka, Thailand, Uzbekistan and Kazakhstan.
AIIB headquarters will be located in Beijing. The AIIB initial capital will be $50 billion.
Facilitating the implementation of infrastructure projects in Asia to reduce the gap in their economic development will be the main purpose of the new financial institution. Power engineering, transportation, logistics, urban and rural infrastructure will be the priority areas of financing.
AIIB will complement the activity of the World Bank and the Asian Development Bank, but will focus on the development of infrastructure. AIIB official opening and launch scheduled for late 2015.