YEREVAN, September 15. /ARКА/. The Armenian government has sanctioned the instrument for Armenia to join the Asian Infrastructure Investment Bank (AIIB).
As indicated in the justification for this decision, Armenia’s subscription process to AIIB entails the purchase of shares in the bank’s capital through both paid and demand shares. The price for a single share is set at $100,000.
At present, Armenia has been invited to become a member of AIIB with a maximum allocation of 374 shares, of which 299 are classified as demand shares, while the cost for the remaining 75 shares totals $7.5 million, to be paid in five equal installments of $1.5 million each.
“Joining the Bank is significant for revitalizing the Armenian-Chinese political dialogue. Additionally, it opens avenues for modernizing Armenia’s transport infrastructure through investments funded by China. Becoming a member of the AIIB allows Armenia to engage in substantial regional investment initiatives, while also collaborating with various multilateral and bilateral development organizations. Furthermore, membership is beneficial for diversifying the sources of credit funding,” the justification states.
About AIIB
The Asian Infrastructure Investment Bank was established in 2015 by China. It operates as a multilateral development bank with an authorized capital of $100 billion, aimed at fostering sustainable economic growth in the Asia-Pacific region and generating wealth by enhancing infrastructure in close partnership with international multilateral and bilateral development entities. The bank currently has 106 approved members. AIIB’s primary vision is to develop a “green infrastructure” that leverages new technologies, addresses contemporary challenges, and ensures sustainability.-0-