Belarus Joins Asian Infrastructure Investment Bank

Belarus has joined the Asian Infrastructure Investment Bank (AIIB), meeting all the conditions of the resolution of the AIIB Board of Governors, BelTA learned from the Belarusian Finance Ministry

MINSK, (UrduPoint / Pakistan Point News - 21st Jan, 2019 ) :Belarus has joined the Asian Infrastructure Investment Bank (AIIB), meeting all the conditions of the resolution of the AIIB board of Governors, BelTA learned from the Belarusian Finance Ministry.

The fulfillment of the conditions of the resolution was preceded by the adoption of the law on the ratification of the Articles of the Agreement of the Asian Infrastructure Investment Bank on 8 November 2018 and also the first payment for the banks shares in December 2018.

Under Belarus government's decision No. 967 of 28 December 2018, Economy Minister Dmitry Krutoi was appointed Belarus' manager in AIIB, Finance Minister Maksim Yermolovich was appointed deputy manager. The Finance Ministry has been determined as the official liaison body for interaction with the bank.

Belarus accession to the AIIB opens new opportunities in infrastructure financing. The Banks resources can be used to develop the Belt and Road initiative, of which Belarus is part, to set up new transport corridors and upgrade the current ones, to modernize energy and city infrastructure, and to implement industrial logistic projects. Co-financing of projects in partnership with other international financial organization can be another area of application of the AIIB financial resources, the Finance Ministry said.

The Asian Infrastructure Investment Bank (AIIB) was established upon China's initiative in 2016. The bank has been established to pool resources of various countries for the sake of accomplishing complex infrastructure goals in Asia and beyond. The bank is headquartered in Beijing.