Formation of Asian investment bank will end on March 31 in Almaty

Mar 28. Kazpravda

Currently, the list of participants in the bank’s capital includes 27 countries.

Formation of Asian investment bank will end on March 31 in AlmatyIn Almaty, March 31 the formation of the Asian Bank of infrastructure investments will be summed up, Kazpravda.kz reports.

On 29-31 March, Almaty will host a meeting of the founders of the bank, including Kazakhstan. On the last day of the event the final list of co-sponsors will be announced: March 31 is the deadline for submitting applications for membership in the Bank.

In general, the ABII member states will discuss the terms of their participation and start negotiations on statutory documents and so on.

As known, the initiator of a pan-Asian investment institution was China, disappointed in the slow pace of reforms and other problems in such world financial institutions as the IMF, World Bank, Asian Development Bank.

China allocated $ 50 billion for development of the ABII. In June 2014, China proposed to double the authorized capital of the bank, increasing it from $ 50 billion to $ 100 billion, and invited India to join the project.

October 24, 2014 in Beijing an Agreement was concluded on foundation of the bank, signed by 21 countries: China, India, Thailand, Malaysia, Singapore, the Philippines, Pakistan, Bangladesh, Brunei, Cambodia, Kazakhstan, Kuwait, Laos, Myanmar, Mongolia, Nepal , Oman, Qatar, Sri Lanka, Uzbekistan and Vietnam.

“Kazakhstan will take its rightful place, because the proportion of shareholders will depend on the size of the country’s GDP. According to this indicator, our country will be the ninth largest member of the new financial international association”, – said the minister of national economy of Kazakhstan Erbolat Dosaev after the first meeting of the finance ministers – cofounders of the ABII.

Over the past two weeks, a number of leading European countries, including Britain, France, Germany, Italy, Switzerland and Luxembourg expressed their intention to join the structure.

Today, March 28, Russia expressed readiness to join the organization.

The main objective of the new financial institution will be the promotion of infrastructure projects in the Asia-Pacific region. The priority areas of financing will be the energy, transport, logistics, urban and rural infrastructure.

The headquarters of the new financial institution will be located in Beijing.

http://www.kazpravda.kz/en/news/economics/formation-of-asian-investment-bank-will-end-on-march-31-in-almaty

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