DUSHANBE, January 15, 2016, Asia-Plus – First Deputy Chairman of the State Committee on Investments and State-owned Property Management (QosKomInvest), Lochin Fayzullozoda, will represent Tajikistan at an official opening the Asian Infrastructure Investment Bank (AIIB) that will take place in Beijing from January 16-18.
Lochin Fayzullozoda is an alternate director for Tajikistan at the Asian Infrastructure Investment Bank. Farrukh Hamralizoda, presidential adviser for economic issues, is a director for Tajikistan at the Asian Infrastructure Investment Bank.
The Bank’s board of directors and executive council will meet in Beijing for the first time later this weekend. The Bank president will be officially appointed and the management team will be instituted during the meetings.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank was proposed as an initiative by the government of China, supported by 37 regional and 20 non-regional Prospective Founding Members (PFM), all 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. On December 25, 2015, 17 states (Australia, Austria, Brunei, China, Georgia, Germany, Jordan, Luxembourg, Mongolia, Myanmar, the Netherlands, New Zealand, Norway, Pakistan, Singapore, South Korea and the United Kingdom) together holding 50.1% of the initial subscriptions of Authorized Capital Stock, had deposited the instrument of ratification for the agreement, triggering entry into force, and making them all founding members and bringing the Articles of Agreement, the bank”s charter, into force. India, Finland, Malta, Nepal and Russia followed later, taking the amount of Authorized Capital Stock held by the 23 members of the bank to 65%. Major economies that did not become PFM include the United States, Japan and Canada.
Tajikistan ratified the Articles of Agreement (AOA) of the Asian Infrastructure Investment Bank on December 2, 2015. According to the Tajik Ministry of Finance, Tajikistan’s share in the AIIB amounts to $30.9 million.
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 having potential for “scaling up financing for sustainable development” for the concern of global economic governance. The capital of the bank is $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.
The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014
