Georgia joins Asian Infrastructure Investment Bank opening ceremony in China

Georgia’s Finance Minister Nodar Khaduri has joined top officials from 57 countries to celebrate the opening of Asian Infrastructure Investment Bank (AIIB) in China.

The China-led Asian Infrastructure Investment Bank opened Saturday in China’s capital Beijing.

The 57 member nations, including Georgia, have contributed $100 billion in capital to the AIIB, making it nearly half the size of the World Bank as it begins operations. China provided 30 percent of the new bank's capital, the largest share.

While visiting China, Khaduri has met the AIIB’s President, Jin Liqun, to discuss potential investment projects.

At the meeting, Georgia’s Finance Minister expressed his readiness to be actively involved in the Bank’s activities.

The AIIB is an international financial institution that supports economic development and improves infrastructure in Asia, as well as promoting regional partnerships and establishing cooperative relationships with other financial institutions.

Georgia joined the AIIB as a founding country on June 29, 2015. Georgia was the 45th country to join the AIIB.

Georgia became the first country to ratify the founding document of the Bank.

By joining the AIIB, Georgia will be able to attract preferential financial resources for implementing infrastructural projects.

Supposedly one of the first projects financed by the AIIB will be implemented in Georgia.

Georgia has also hosted the sixth round of negotiations of the AIIB on August 24-25, which elected the Bank’s first president.

At a negotiators’ meeting, member shareholders chose Jin Liqun, China’s former Vice Finance Minister, as president-elect of the AIIB. (Agenda.ge)