YEREVAN: Armenia is set to join the Asian Infrastructure Investment Bank (AIIB) as the Standing Committee on Financial-Credit and Budgetary Affairs of the country’s National Assembly approved the government’s decision in this regard, Armenian News Agency ARMENPRESS reported on Monday.

Narek Hovakimyan, Deputy Minister of Economy, said the decision to join the AIIB will help open a wide range of investments for Armenia. “One of the main goals at the moment is that we have the opportunity to become a member of the big investment programme of China’s Belt and Road Initiative and attract a number of investments and low-interest credit funds for infrastructure [development],” he said.

Asian Infrastructure Investment Bank (AIIB) was established in 2015 in China. It is a multilateral development bank that aims to promote sustainable economic development, create prosperity and improve infrastructure by investing in infrastructure and other productive sectors, promote regional development in Asia and Oceania in clos
e cooperation with other international multilateral and bilateral development institutions.

Source: Emirates News Agency