DUSHANBE, December 3, 2015, Asia-Plus — Majlisi Namoyandagon (Tajikistan’s lower house of parliament) has unanimously ratified the Articles of Agreement (AOA) of the Asian Infrastructure Investment Bank (AIIB).
Speaking at the Majlisi Namoyandagon session, Tajik Deputy Finance Minister, Jamshed Nourmuhammadiyon, noted on December 2 that Tajikistan’s share in the AIIB that has an initial authorized capital stock of $100 billion is $30.9 million.
According to him, the Asian Infrastructure Investment Bank will begin providing loans tin early January 2016.
The Asian Infrastructure Investment Bank (AIIB) is a proposed international financial institution which is focused on supporting infrastructure construction in the Asia-Pacific region. The bank was proposed as an initiative by the government of China and supported by 37 regional and 20 non-regional Prospective Founding Members, 53 of which have signed the Articles of Agreement that form the legal basis for the proposed bank. The bank will start operation after the agreement enters into force, which requires ratifications from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.
AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are regarded as dominated by developed countries like the United States. The United Nations has addressed the launch of AIIB as “scaling up financing for sustainable development” for the concern of Global Economic Governance.
The bank was proposed by China in 2013 and the initiative launched at a ceremony in Beijing in October 2014. The Articles of Agreement (AOA) were signed by 50 PFMs on June 29, 2015, which become a party to the agreement through ratification.
