Asian Infrastructure Investment Bank to be established in Mongolia

B.Chimeg GoGo.mn

2015-08-18 16:48 GMT+8

Draft law on establishing the Asian Infrastructure Investment Bank (AIIB) in Mongolia to be submitted to the State Great Hural.

During the APEC 2013, the President of the People's Republic of China Hi Jinping proposed Asian regional countries including Mongolia, Pakistan and Sri Lanka to join as founding member countries of AIIB. The Government of Mongolia discussed and approved this issue on March 28, 2014 at its plenary session and signed a Memorandum of Understanding  on establishing AIIB in Mongolia on Oct, 2015.

By joining as founding member countries of AIIB, Mongolia was enabled to get enough funding from AIIB for providing social development of the population and sustainable economic growth by expanding the infrastructure development and regional network.

Moreover, Mongolia is able to implement its long term objective which is to strengthen its position in the world economy,through international financial institutions by following policy to expand regional infrastructure network as landlocked developing country.

Each founding member countries to become shareholder according to the registered capital of the AIIB is at USD 100 billion. Mongolian total asset of shareholder is USD 41 million with 0.3013% votes of which 20% to be transferred within five years by dividing into five.

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