On Monday, June 3, at a meeting of the Parliament's Standing Committee on Financial-Credit and Budgetary Affairs, Deputy Minister of Economy of Armenia Narek Ovakimyan presented the draft law "On the Ratification of the Agreement on the Asian Infrastructure Investment Bank" (AIIB).
He noted that the AIIB was established in 2015 in China to promote sustainable economic development and improve infrastructure in Asia and Oceania.
Since 2017, the Armenian government has been discussing joining the bank, but the initial proposal for 5 shares was rejected. The current decision is to join with 374 shares. The price of one share is 100,000 USD, of which 20% is paid, and the rest is on demand.
Membership in the AIIB will enable Armenia to participate in major regional investment programs. Committee Chairwoman Tsovinar Vardanyan confirmed that the agreement was also discussed in the committee. The committee gave a positive conclusion on the discussed draft laws.
