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Georgia joins Asian Infrastructure Investment Bank opening ceremony in China

18 Jan 2016 - 18:15:00

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Agenda.ge,18 Jan 2016 - 18:15, Tbilisi,Georgia

Georgia’s Finance Minister Nodar Khaduri has joined top officials from 57 countries to celebrate opening of Asian Infrastructure Investment Bank (AIIB) in China.

The China-led Asian Infrastructure Investment Bank opened Saturday in China’s capital Beijing.

The 57 member nations, including Georgia, have contributed $100 billion in capital to the AIIB, making it nearly half the size of the World Bank as it begins operations. China provided 30 percent of the new bank's capital, the largest share.

While visiting China Khaduri has met AIIB’s President Jin Liqun to discuss the potential investment projects.

At the meeting Georgia’s Finance Minister expressed his readiness to actively involve in the Bank’s activities.

The AIIB is an international financial institution that supports economic development and improves infrastructure in Asia, supports regional partnerships and establishes tight cooperation with other financial institutions.

Georgia joined the AIIB as a founding country on June 29, 2015. Georgia was the 45th country to join the AIIB.

Georgia became the first country who ratified the founding document of the Bank.

By joining AIIB Georgia will be able to attract preferential financial resources for implementing infrastructural projects.

Supposedly one of the first projects financed by the AIIB will be implemented in Georgia.

Georgia has also hosted the sixth round of negotiations of the AIIB on August 24-25, which elected the Bank’s first president.

At a negotiators’ meeting member shareholders chose Jin Liqun, China’s former Vice Finance Minister, as president-elect of the AIIB.

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