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Azerbaijan becomes AIIB founding member

15 April 2015 15:35 (UTC+04:00)
Azerbaijan becomes AIIB founding member

By Gulgiz Dadashova

The Chinese side has today announced about approval of Azerbaijan’s offer to become prospective founding member of the China-led infrastructure bank.

China’s Finance Ministry said seven states including Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland become prospective founding members of the Asian Infrastructure Investment Bank created to meet the growing financial needs of the Asian region for the development of infrastructure.

The number of countries with intention to be AIIB founding members reached 57, which also include the UK, France, Italy, and Germany.

AIIB’s headquarters will be in China’s capital city, Beijing. The AIIB will have a start up capital of $50 billion, and is authorized to eventually issue capital of twice that amount. Its members will contribute based on the size of their economies, according to Bloomberg.

The Bank will finance public works such as roads, bridges and other projects.

The final round of talks among founding members is scheduled for May and the AIIB is expected to be fully established by late 2015.

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Follow Gulgiz Dadashova on Twitter: @GulgizD

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