ECONOMY FINANCE&BANKING

Public Finance Ministry: Romania, ready to become member of Asian Infrastructure Investment Bank

Romania is meeting the criteria necessary to become a member of the Asian Infrastructure Investment Bank (AIIB), reads a press release issued by the Ministry of Public Finance (MFP) remitted on Monday.

“Romania is closer to becoming a member of the Asian Infrastructure Investment Bank (AIIB) – The AIIB Council has announced the admission of Romania and six other states as future members. Thus, the total number of AIIB member countries will be 77, of which 23 European states. Romania will become a full member of the AIIB after assuming by law the accession conditions. By acquiring AIIB membership, Romania will have the opportunity to benefit from funding for infrastructure and economic development projects. Participation comes in the context of the current efforts of Europe’s and Asia’s states to improve the mutual relations between the two continents,” the document states.

The Asian Bank for Infrastructure Investments is an international financial institution based in Beijing, aiming to the economic promotion, interconnection and integration. The AIIB’s activity focuses on the development of infrastructure and other productive sectors, such as energy, transport, telecommunications, rural infrastructure and agricultural development, water and sanitation, environmental protection, urban development and logistics.

According to the Finance Ministry’s release, the AIIB funding is expected to amount to 15 billion dollars in 2017, going up from 1.2 billion dollars in 2016. So far, the AIIB has approved 10 investment projects in the energy, transport or urban infrastructure sectors.

 

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