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Argentina became member of the Asian Infrastructure Investment Bank

This membership will allow multiplying the financing sources for energy, transport and telecommunications for the development of the country.

On June 16, the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) approved Argentina’s membership in the institution. This resolution was made at the 2017 AIIB 2nd Annual Meeting in Korea.

This way, Argentina will be able to present projects for infrastructure development and creation of jobs. As a result, our country increases its financing tools for the economy’s growth.

The AIIB, among other operations, will be able to finance, co-finance or participate in projects for economic development, provide technical assistance and special resources. Its areas of interest are: energy, transport, telecommunications, infrastructure in rural areas, agricultural development, urban development, water supply, sanitation services, environmental protection and logistics, among others.

In addition, in May, President Mauricio Macri, during his speech at the “One Belt, One Road for International Cooperation” Forum in China, highlighted the work done by the Government together with Asian institutions and he expressed his wish to become member of the Asian Infrastructure Investment Bank.

The AIIB is a multilateral financial institution that began working in January 2016 and at present it comprises 56 member-countries: 37 belong to the region and 19 non-regional members. Founded by a Chinese initiative, the AIIB has an authorized capital of up to USD 100 billion, consisting of the contributions done by regional and non-regional member countries. Likewise, it pursues sustainable economic development, the creation of wealth and the improvement of connectivity in infrastructure, promoting regional cooperation with multilateral and bilateral development organizations.