PARLIAMENT TO CONSIDER RATIFYING AIIB FOUNDING ARTICLES

Ulaanbaatar /MONTSAME/ At its regular meeting on Monday, the cabinet resolved to submit a bill on Mongolia’s ratification of the founding articles of agreement for Asian Infrastructure Investment Bank (AIIB). President of the People’s Republic of China Xi Jinping announced the initiative of founding the AIIB during the October 2013 APEK Summit in Bali. He proposed Asian countries, starting with Pakistan and Sri Lanka, to become founding members of the Bank. Mongolia’s cabinet considered and approved the issue of becoming one of the founders of AIIB on the regular meeting, held on March 28, 2014. The preparation to establish the Bank has commenced after the finance authorities from the founding countries signed the Memorandum of Understanding in Beijing on October 24, 2014. By becoming a founding member, Mongolia facilitates itself with funding opportunities to keep up sustainable economic growth and the citizen’s social development through expanding our infrastructure development and regional network, and with possibilities to strengthen its position in the global economy. The founding members are obliged to raise the AIIB statutory capital of USD 100 billion, according to the deal. Mongolia’s contribution of USD 41 million has 0.3013 percent voting power. The contribution to the statutory fund will be delivered within five years through five installments.