Iran urges AIIB to ease funding Iranian projects
Date
9/26/2024 4:10:18 AM
(MENAFN) In a recent meeting on the sidelines of the 9th Asian Infrastructure Investment bank (AIIB) members' ministerial gathering in Samarkand, Uzbekistan, Iran’s Minister of Finance and Economic Affairs, Abdolnaser Hemmati, emphasized the importance of facilitating project financing through the AIIB. Hemmati's discussions with AIIB President Jin Liqun focused on enhancing Iran's access to financial resources provided by the bank, which plays a crucial role in infrastructure development across Asia.
Jin Liqun acknowledged Iran’s status as an active and significant member of the AIIB, indicating the institution’s commitment to creating favorable conditions for Iran to secure necessary funding. This recognition reflects the bank's broader objective of improving economic and social outcomes within the region through collaborative investment efforts.
The Asian Infrastructure Investment Bank is a major multilateral development bank, headquartered in Beijing, China, and is currently the world’s second-largest multilateral financial institution. With a membership of 109, including 13 prospective members from various countries, the AIIB aims to support infrastructure projects across continents. The member breakdown includes 42 in Asia, 26 in Europe, 22 in Africa, 9 in Oceania, 8 in South America, and 2 in North America, demonstrating its global reach.
The AIIB commenced operations on December 25, 2015, following the agreement's entry into force, which required ratifications from ten member states holding at least 50 percent of the initial capital subscriptions. Iran joined the AIIB in 2015 by purchasing capital shares, positioning itself to benefit from the financial institution's projects and initiatives aimed at fostering regional economic development.
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