On June 11, the Armenian Parliament discussed the draft law on the ratification of the Agreement on the Asian Infrastructure Investment Bank (AIIB).
Deputy Minister of Economy Narek Avakimyan stated that the AIIB agreement was signed on June 29, 2015. Currently, the bank has over 100 member countries, including 57 founding countries, among which are Armenia’s neighbors Iran, Georgia, Turkey, and Azerbaijan.
Avakimyan noted that membership in the AIIB would provide Armenia with the opportunity to participate in major regional investment projects, cooperate with multilateral and bilateral development institutions, and attract public and private capital. This membership is also considered beneficial in terms of diversifying sources of credit funds.
The AIIB aims to promote sustainable economic development, create material assets, and improve infrastructure connectivity in the region through investments in infrastructure and other productive sectors. The bank also fosters regional cooperation through close collaboration with other multilateral and bilateral development institutions to address common challenges.
The positive conclusion of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly on the draft law was presented by the Chairwoman of the Committee, Tsovinar Vardanyan.
