DIPLOMACY ECONOMY FINANCE&BANKING

Foreign Ministry hails Romania’s accession to Asian Infrastructure Investment Bank

Romania’s Foreign Ministry (MAE) is hailing Romania’s accession to the Asian Infrastructure Investment Bank (AIIB), saying that the decision by the AIIB’s board recognises Romania’s capability of taking part in the promotion of the bank’s objectives related to support for infrastructure and economic development projects.

Romania became an AIIB member under a decision by the bank’s Board of Governors made on Saturday.

”The decision by the AIIB’s board recognises Romania’s capability of taking part in the promotion of the bank’s objectives related to support for infrastructure and economic development projects. At the same time, it underscores Romania’s relevance amidst the current efforts by European and Asian countries to strengthen connectivity between the two continents, to which AIIB is attaching special importance, ” MAE said in a press statement on Sunday.

It also called the decision to join AIIB a special component of Romania’s demarches in favour of promoting ties with Asian countries, which is an objectie in the programme of the incumbent Romanian Government.

MAE added that the decision will provide the country and its companies an opportunity to get access to AIIB financial mechanisms in order to diversify cooperation with Asian partners in areas such as energy, urban development, transportation, information technology and agriculture.

Also accepted in the AIIB under the same decision were Bahrain, Bolivia, Chile, Cyprus, Greece and Samoa.

AIIB is a new multilateral development bank founded in 2016 to bring countries together to address infrastructure needs across Asia. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.

The bank is allowed under its constitution to provide funding to any member state or entities in the member states. Other AIIB European members include France, Germany, the UK, the Netherlands and Poland.

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