On June 12, the National Assembly of Armenia passed the law on ratifying the Agreement on the Asian Infrastructure Investment Bank (AIIB).
The project was presented by Deputy Minister of Economy Narek Hovakimyan. He noted that AIIB membership would allow Armenia to participate in major regional investment programs, cooperate with multilateral and bilateral development institutions, and attract both public and private capital.
"This can also create opportunities to attract China-funded investments for the modernization of Armenia's transport infrastructure. Membership in the Asian Infrastructure Investment Bank is also considered advantageous for diversifying credit sources," Hovakimyan emphasized.
The Deputy Minister recalled that since 2017, the government had been discussing joining the bank with five shares, but the bank initially rejected the proposal.
"The cost of one share is $100,000, of which 20 percent is payable upfront, and the rest is callable," Ovakimyan noted.
