Georgia joins Asian Infrastructure Investment Bank as founder nation
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Georgia is joining the China-led Asian Infrastructure Investment Bank (AIIB) as a founding country, giving the nation the opportunity to attract funds to implement new infrastructure projects.
The country’s Finance Minister Nodar Khaduri signed a special document in China today cementing Georgia’s place as one of 57 AIIB founding nations. The AIIB Founders’ Agreement will govern the partnership between the founding countries.
Georgia was the 45th country to join the AIIB.
The AIIB is expected to be established by the end of this year and aimed to provide loans for developing countries in Asia for infrastructure projects. It will be an international financial institution that supported economic development and improve infrastructure in Asia, support regional partnerships and establish tight cooperation with other financial institutions.
By joining AIIB Georgia will be able to attract preferential financial resources for implementing infrastructural projects.
A further seven countries have the chance to sign the Bank’s foundation agreement before the end of 2015.
Meanwhile also today it was decided the next round of negotiations will be held in Tbilisi on August 24 and 25. This ministerial will see parties discuss the amount of the Bank's initial capital. At the same time, nations will introduce candidates they wish to present forward for the AIIB presidential role.
AIIB founding nations are: Australia, Azerbaijan, Bangladesh, Brunei, Darussalam, Cambodia, China, Georgia, India, Indonesia, Iran, Jordan, Kazakhstan, Korea, Kyrgyzstan, Laos, Malaysia, Maldives, Mongolia, Myanmar, Nepal, New Zealand, Oman, Pakistan, Philippines, Qatar, Russia, Saudi Arabia, Singapore, Sri Lanka, Tajikistan, Thailand, Turkey, United Arab Emirates, Uzbekistan and Vietnam.
AIIB member countries are: Austria, Brazil, Denmark, Egypt, Finland, France, Germany, Island, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, South Africa, Spain, Sweden, Switzerland and the United Kingdom.
Georgia and 14 other countries are lining up to join the China-led Asian Infrastructure Investment Bank (AIIB).
Top officials from 57 countries will visit Georgia’s capital next month for the first round of negotiations of the China-led Asian Infrastructure Investment Bank (AIIB).
Georgia has hosted the sixth round of negotiations of the China-led Asian Infrastructure Investment Bank (AIIB), which elected the Bank’s first president.
Georgia’s Finance Minister Nodar Khaduri has joined top officials from 57 countries to celebrate opening of Asian Infrastructure Investment Bank (AIIB) in China.
Priority directions for the Asian Infrastructure Investment Bank’s upcoming activities in Georgia and topics of the domestic economy were discussed in a meeting between the Georgian Economy Minister Levan Davitashvili and Konstantin Limitovskiy, the Vice President of AIIB, the Ministry said on Wednesday.