Baku, Azerbaijan, Apr.15
By Azad Hasanli - Trend:
Azerbaijan has been approved one of the founding countries of the Asian Infrastructure Investment Bank that is being created on China's initiative, Azerbaijani Finance Ministry said April 15.
The representatives of Azerbaijani Finance Ministry have been invited to the consultations dedicated to founding of the Asian Infrastructure Investment Bank to be held in Beijing Apr.27, according to the ministry.
Azerbaijani government officially expressed interest on March 31 to become one of the founders of the mentioned bank.
The Asian Infrastructure Investment Bank is being created as a multilateral development bank that will render financial assistance for more qualitative development of the production infrastructure in Asia.
The objectives of the Asian Infrastructure Investment Bank (AIIB) are to promote the economic development and cooperation in Asia by investing in infrastructure and other productive sectors, which will be considered as appropriate; to develop the regional cooperation and partnership in addressing the tasks in the field of development, to closely cooperate with other multilateral financial institutions.
The investments in infrastructure of developing regional members, including the power engineering, transport and telecommunications, agriculture, water supply, environment, urban planning and other productive sectors will be the priority areas of AIIB funding.
However, more than 20 countries have signed a memorandum of understanding to establish AIIB.
The initial volume of the authorized capital worth $ 50 billion was mainly delivered by China. But Pakistan, Singapore and Vietnam also made contribution.
China proposed to double the bank's authorized capital - from $ 50 billion to $ 100 billion in June 2014.
Edited by CN
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