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.

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