Kingdom officially joins Asian bank as founding member

AMMAN — Jordan has officially become a founding member of the Asian Infrastructure Investment Bank (AIIB), Planning and International Cooperation Minister Imad Fakhoury has said.

The goal of establishing AIIB — its headquarters located in China — is to provide funding for investment projects in the infrastructure and productive sectors like water, transportation and energy, especially in Asia, Fakhoury was quoted as saying in a ministry statement Saturday. The bank’s capital stands at a billion dollar.

Joining AIIB will provide the Kingdom with funding resources and investment grants to execute infrastructure development projects. Moreover, it will also provide expertise, technical aid as well as be advantageous when it comes to applying for soft loans, in light of the challenges Jordan is facing, the official added.

AIIB membership will also “help deepen regional cooperation with Asian countries with similar interests”, Fakhoury noted.

The bank will seek to enhance social and economic development and to meet the needs of the region in order to advance its infrastructure and improve its ability to face financial crises and external challenges by boosting cooperation and integration among the region’s countries.

The number of founding members stands at 57 countries, and it is expected to conclude negotiations on the articles of agreement in June to allow signing the agreement by governments and founding members before the end of 2015 so that bank can begin its activities in 2016, according to the statement.