Turkey plans to join Asian Infrastructure and Investment Bank

By bne IntelliNews March 26, 2015

Republic of Turkey has informed the Interim Secretariat of the Asian Infrastructure and Investment Bank (AIIB) on March 25 regarding its intention to become a member of the AIIB, Turkey’s Treasury said in a written statement on its website on March 26.

People’s Republic of China has initiated efforts to establish the Asian Infrastructure and Investment Bank since October 2014 with the aim of providing finance to infrastructure investments in the Asian region, said the statement.

The Asian Infrastructure Investment Bank is proposed by the government of China. 21 Asian countries, including India, Kuwait, Qatar, Singapore, Kazakhstan, and Brunei, signed the Memorandum of Understanding on Establishing AIIB in October, reported the Chinese news agency Xinhua. The proposed AIIB is expected to be formally established by the end of 2015, with an initial subscribed capital of $50bn and at least 27 countries, including Britain, Germany, France and Italy, have expressed an interest in joining its board as founding members, according to the news agency.

Related Articles

Turkey’s main business lobby calls for end to emergency rule

Turkey’s main business lobby has called on the government to end the 19-month-long state of emergency introduced in July 2016 after the failed coup. At the end of last week, parliament extended ... more

Turkey to refuse extradition of all suspects to US unless Washington hands over Gulen says Erdogan

Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more