11:35, 11 January 2016 | GMT +6
Senate committee discussed ratification of AIIB Agreement Articles
ASTANA. KAZINFORM Kazakh Senate’s Finance and Budget Committee has discussed today the draft law “On ratification of the Articles of the Agreement of the Asian Infrastructure Investment Bank.”
The main area of the activity of the AIIB is to assist in economic development and expansion of cooperation in Asia via investing on infrastructure and production spheres.
As per the Agreement which was signed in Beijing on June 29, 2015, Kazakhstan will be one of the co-founder countries of the AIIB with a share of 729 mln 300 thousand U.S. dollars or 0.7293%. Kazakhstan will be the 17th among 37 regional founders of the bank.
The Republican Budgetary Commission approved the allocation of 5,396,450,000 tenge for payment of annual membership fees.
The ratification of the Agreement will allow Kazakhstan to attract long-term loans for infrastructure projects implementation.
The bill has been submitted to the Senate for further consideration.