(MENAFN- The Peninsula) The Asian Infrastructure Investment Bank (AIIB) is expected to play a vital role in providing the investment needed to develop the infrastructure for hundreds of millions in the Asian continent.
The launch of the bank will have a positive impact in achieving development and promoting economic growth in the region, H E Ali Sherif Al Emadi, Minister of Finance said in Beijing.
The Minister was speaking on the sidelines of the signing the contract agreement for setting up the Asian Infrastructure Investment Bank, a ceremony which was attended by the representatives from the Prospective Founding Members (PFMs) of the AIIB.
Al Emadi underlined the importance of cooperation and joint concerted international efforts to provide funding for infrastructure projects. These projects require huge investments in the long term to achieve sustainable development in various Asian countries.
Qatar's Ministry of Finance signed the contract agreement for setting up the Asian Infrastructure Investment Bank , during the first general assembly to be held by the Bank. It was attended by a number of officials, finance ministries' specialists and investment funds from 57 countries in the world, QNA reported.
The contract signing ceremony included a sideline meeting of the participating delegations, where they discussed future steps of the Bank's work and the launch of banking business, scheduled to be at the end of this year.
The Minister of Finance also stressed Qatar's interest in participating actively in all international institutions that serve development efforts and promote global economic growth.
He pointed out that the Bank will play an important role in financing infrastructure projects in Asian countries.
The State of Qatar is a founding member of the Bank, where it has been in the ranks of participating countries in the process of the initial incorporation of the bank in October of last year.
The AIIB is an international financial institution proposed by the Chinese government, in order to provide funding for infrastructure projects in Asia with a capital of $100bn.
The participating Asian countries have 75 percent of the Bank's shares, while 25 percent of the shares will be allocated to countries outside Asia continent, where a number of major Western countries have joined as members of the Bank.
AIIB said representatives from 57 Prospective Founding Members (PFMs) of the Asian Infrastructure Investment Bank (AIIB) gathered on June 29, 2015 in Beijing at a the signing ceremony of the Bank's Articles of Agreement at the Great Hall of the People.
Fifty PFMs signed the Articles, including: Qatar, Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei Darussalam, Cambodia, China, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Republic of Korea, Kyrgyz Republic, Lao PDR, Luxembourg, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Portugal, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Turkey, the United Arab Emirates, the United Kingdom, Uzbekistan, and Vietnam. The Articles remain open for signing by the remaining 7 Prospective Founding Members until the end of 2015.
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