Ministry of Finance of Azerbaijan Becomes Co-founder of Asian Infrastructure Investments Bank

The Ministry of Finance of Azerbaijan has become the official founder of the Asian Infrastructure Investments Bank (AIIB). According to Chinese media, 50 countries signed an agreement in Beijing on this, and another 7 countries will sign the document before the end of this year.

This international financial institution is established in defiance of the Asian Development Bank, where the leading roles are played by the USA, Canada and Japan. Officially, the stated goal of AIIB is development of industrial infrastructure (energy, transport, telecommunications, agriculture, water, environment, etc.) in Asia.

The main engine of the new bank is China - the authorized capital of the bank ($ 50 billion) is half on the account of Beijing, and the venue of the inaugural conference speaks for itself. --17D-

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