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.