Representatives from 57 Prospective Founding Members (PFMs) of the Asian Infrastructure Investment Bank (AIIB), including Azerbaijan, gathered in Beijing for a Signing Ceremony of the Bank’s Articles of Agreement. It is expected that the AIIB will be operational by the end of 2015.
From Azerbaijan, the Minister of Finance of Azerbaijan Samir Sharifov, who is currently on a visit to China, signed the financial agreement, the Azerbaijani Finance Ministry told Trend.
The AIIB, which will be headquartered in Beijing, will initially have an authorized capital stock of USD100 billion, said the message published on the website of the bank. Reflecting the regional character of the bank, its regional members will be the majority shareholders, holding approximately 75 percent of shares.
The objectives of the Asian Infrastructure Investment Bank 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.
Photo: http://en.trend.az
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