Armenia joining Asian Infrastructure Investment Bank, with subscription of 374 shares

Հայաստան 25 Հունվար, 2024 17:55

At its Cabinet meeting Thursday, the government approved Armenia's accession to the Asian Infrastructure Investment Bank (AIIB)—and with the subscription of 374 shares.

In the rationalization of the aforesaid decision, it is stated that 106 confirmed member countries are members of AIIB, and among the 57 founding member countries are: Iran (2,541 shares), Georgia (539 shares), Turkey (26,099 shares), and Azerbaijan (2,541 shares).

Negotiations towards Armenia's accession to the AIIB had started back in 2016.

The membership in AIIB is important from the point of view of giving a new impetus to the Armenian-Chinese political dialogue. At the same time, it can create opportunities to draw Chinese-funded investments to modernize Armenia's transport infrastructure.

Also, AIIB membership provides an opportunity for Armenia to participate in major regional investment projects, while cooperating with other multilateral and bilateral development institutions and attracting public and private capital investment.

Joining the AIIB is advisable also from the point of view of diversification of sources of loans.

Armenia, however, wishes to join the AIIB with the following reservation: Armenia declares that it reserves the right to tax income from salaries and rewards being paid by the AIIB to the Armenian citizens.