16 January 2016, 18:24

Kazakhstan’s share in AIIB capital is $729.3 million, National Economy Ministry

ASTANA - BEIJING. KAZINFORM - In Beijing representatives of 57 countries-founders of Asian Infrastructure Investment Bank, chaired by the President of the People's Republic of China Xi Jinping have attended the opening ceremony of AIIB.

The Kazakh delegation was headed by National Economy Minister Yerbolat Dossayev.
The sitting of the Governing Council has appointed the President and the Board of Directors of the bank. In addition the meeting has considered a number of key documents.

"Kazakhstan, being one of the founders of AIIB, actively participated in the creation of the bank. AIIB will attract additional investments for infrastructure projects in Asia including Kazakhstan and will complement existing multilateral banks such as the World Bank, the European Bank for Reconstruction and Development and the Asian Development Bank," said Yerbolat Dossayev.

The minister said that the status of Kazakhstan as a regional member of AIIB will allow to finance the infrastructure projects implemented under the programs Nurly Zhol and "Silk Road Economic Belt".

According to the press service of the ministry, Kazakhstan's total share in the capital of the bank is $729.3 million or 0.7%. Paid-in capital will be $145.9 million which will be paid annually in 5 tranches.

Chinese President Xi Jinping and Premier Li Keqiang announced the AIIB initiative during their respective visits to Southeast Asian countries in October 2013. The Bank was envisaged to promote interconnectivity and economic integration in the region and cooperate with existing multilateral development banks.

The agreement establishing AIIB was signed June 29, 2015 by representatives of 57 countries-founders of the bank. Among them are: Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei, United Kingdom, Vietnam, Georgia, Germany, Denmark, Egypt, India, Indonesia, Jordan, Iceland, Iran, Italy, Kazakhstan, Cambodia, Qatar, Kyrgyzstan China, Kuwait, Laos, Luxembourg, Malaysia, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, the United Arab Emirates, Oman, Pakistan, Poland, Portugal, Russia, Saudi Arabia, Singapore, Tajikistan, Thailand, Turkey , Uzbekistan, Philippines, Finland, France, Switzerland, Sweden, Sri Lanka, South Africa, South Korea.

The authorized capital of the bank amounts to $100 billion.

 

 Tags: Ministry of National Economy , AIIB
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