Armenia will join the AIIB - NA committee approved

 Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly approved the project ratification of Armenia to join the Asian Infrastructure Investment Bank.

The project on ratifying the agreement "On the Asian Infrastructure Investment Bank" was presented at the NA session by Narek Hovakimyan, Deputy Minister of Economy Armenia.

Hovakimyan noted that since 2017, the issue of joining the AIIB has been discussed by the Armenian government.

In 2019, Armenian Ministry of Finance proposed that Armenia subscribe to the bank with 5 shares, but the proposal was principally rejected by the bank, noting that only the smallest candidates subscribed with 5 shares.

"We will join with 374 shares, the amount will be paid in 5 parts, 20 percent of the total amount every year. We think that the project is justified from the point of view of risks and diversification of credit funds", said Narek Hovakimyan.

Hovakimyan said that by becoming a member of the investment bank, a wide range of investments will open for us.

"One of the main goals at the moment is that we have the opportunity to become a member of the big investment program of China’s Belt and Road Initiative and attract a number of investments and low-interest credit funds in terms of infrastructure," he said.

According to the rationale of the project, joining the bank 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 attract Chinese-funded investments to modernize Armenia's transport infrastructure.

Asian Infrastructure Investment Bank (AIIB) was established in 2015 in China.It is a multilateral development bank that aims to promote sustainable economic development, create prosperity and improve infrastructure by investing in infrastructure and other productive sectors, promote regional development in Asia and Oceania in close cooperation with other international multilateral and bilateral development institutions.

The project on ratifying the agreement received a positive conclusion in the committee, it will be discussed at the next regular session of the National Assembly.