The objective of the Asian Infrastructure Investment Bank (AIIB) is to promote sustainable economic development, create tangible value and improve infrastructure connectivity in the region by investing in infrastructure and other productive sectors, promote regional cooperation by working closely with other multilateral and bilateral development institutions to address challenges.
At the regular sitting of the National Assembly on June 11, the draft law on Ratifying the Agreement on the Asian Infrastructure Investment Bank was debated.
According to the Deputy Minister of Economy Narek Hovakimyan, the Agreement on the Asian Infrastructure Investment Bank was signed on June 29, 2015. More than 100 countries are members of the bank, among the 57 founding member countries are Armenia’s neighbours Iran, Georgia, Turkey and Azerbaijan.
According to the rapporteur, joining the bank will give the Republic of Armenia the opportunity to participate in major regional investment projects, cooperate with other multilateral and bilateral development institutions and attract state and private capital. Joining the bank will give a new impetus to the Armenian-Chinese economic and political dialogue. Membership in the Asian Infrastructure Investment Bank is also considered appropriate from the viewpoint of diversification of sources of credit funds.
The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Tsovinar Vardanyan presented the endorsement of the Committee on the draft.
National Assembly of the Republic of Armenia
