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Azerbaijan inks agreement for AIIB

29 June 2015 11:59 (UTC+04:00)
Azerbaijan inks agreement for AIIB

By Nigar Orujova

Representatives from 57 Prospective Founding Members of the Asian Infrastructure Investment Bank, including Azerbaijan, gathered at a Signing Ceremony of the Bank's Articles of Agreement at the Great Hall of the People in Beijing on June 29.

From Azerbaijan, the financial agreement was undersigned by Finance Minister Samir Sharifov, who is currently on a visit to China, the Azerbaijani Finance Ministry reported.

The Bank, which will be headquartered in Beijing, will initially have an authorized capital stock of $100 billion, said the message published on the website of the bank.

Reflecting regional character of the Bank, its regional members will be the majority shareholders, holding approximately 75 percent of shares.

The AIIB with headquarters in China’s capital city Beijing, is expected to start operation by the end of 2015.

The Azerbaijani government officially expressed interest in becoming one of the AIIB founders in March end.

In April, Azerbaijan has been confirmed as one of the countries which joined AIIB. Seven states including Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland become prospective founding members of the AIIB in April.

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 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; as well as 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.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

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