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.
--
Follow Gulgiz Dadashova on Twitter: @GulgizD
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!