Asian Infrastructure Investment Bank not to compete with Asian Development Bank
Baku, Azerbaijan, Apr. 20
By Azad Hasanli - Trend:
The Asian Infrastructure Investment Bank (AIIB) will not compete with the Asian Development Bank (ADB), Azerbaijani Finance Minister Samir Sharifov said.
"The needs of the Asian region are so great that one bank is not enough to satisfy them," Sharifov said at a briefing April 20.
He said that while participating in the activity of any financial institutions, Azerbaijan does not intend to harm them.
He said that Azerbaijan's participation in AIIB will differ from the activity in other international financial institutions.
"Azerbaijan will act as a founding country of AIIB, that is, we will take part in drafting of the document on the establishment of this bank," he said. "China will host a meeting of the founding countries of AIIB on April 26-27. A delegation from Azerbaijan also intends to participate there."
The minister said that it is too early to talk about equity participation of Azerbaijan in AIIB.
"Each country's share in the bank's capital will depend on the amount of their budget," he said.
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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