Mongolia becomes co-founder of AIIB

Ulaanbaatar /MONTSAME/ Mongolia has officially become a co-founder of the Asian Infrastructure Investment Bank (AIIB). Vice-Minister of Finance of the People’s Republic of China Mr Yaobin Shi officially announced the 57 founder countries including Mongolia of the AIIB on this April 15. The AIIB is an open and inclusive multilateral development bank, Mr Shi Yaobin said. The 57 founding members cover five continents, including Asia, Oceania, Europe, Latin America and Africa, according to Shi. The founding members will have priority over other countries which might sign up later, as they possess the right to establish the rules for the bank, he said. The AIIB was established in 2014 by China. The bank will finance infrastructure projects in the Asia-Pacific Region, its headquarters will be in Beijing. The initial subscribed capital of AIIB will be $50 billion and is planned to be increased to $100 billion. The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia.