Tbilisi to host first Asian Infrastructure Investment Bank meeting

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).

The AIIB is newly created bank that is expected to be established by the end of this year for the purpose of providing loans for infrastructure projects in developing countries in Asia.

The first ministerial, which will be held in Tbilisi on August 24-25, will see founder banks introduce the candidates they wish to nominate for the AIIB presidential role.

Georgia joined the AIIB as a founding country last month when the country’s Finance Minister signed a special document cementing Georgia’s place as one of 57 AIIB founding nations. By joining AIIB Georgia will be able to attract preferential financial resources for implementing infrastructural projects. The capital of the bank will be $500 billion USD.

Georgia was the 45th country to join the AIIB. A further seven countries have the chance to sign the Bank’s foundation agreement before the end of 2015.

Meanwhile at today’s Government meeting Finance Minister Nodar Khaduri told Government members that the Bank was ready to support infrastructural development in Georgia, specifically to help implement the Silk Road project.

Khaduri also said South Korea has discovered Georgian wine and were very interested in the product.