Iran Buys Shares of AIIB Bank

Iran’s Deputy Economy Minister, Mohammad Khazayee, has said that Iran has finalized the purchase of a 2.8 per cent stake in the Asian Infrastructure Investment Bank (AIIB) which has recently been launched by China.

According to a report from Mehr News Agency, the Minister also announced plans to buy shares in the New Development Bank (NDB) (formerly the BRICS Development Bank) in which Russia, China, India, Brazil, South Africa and some other countries are stakeholders: “nevertheless, negotiations need to be made to determine the exact amount of stake to be bought,” he underlined.

Mehr suggests that Iran’s membership of the AIIB is significant due to the fact that the bank is going to compete with the World Bank.

The headquarters of the bank will be located in Beijing, capital of China and having initiated the idea of AIIB, China is planning to invest a total of about $ 50 billion in the bank in order to own nearly 50 per cent stake of AIIB.

As one of the founders of AIIB, the Islamic Republic of Iran joined the bank on April 7, 2014 as the 34th member.

AIIB member countries will include Iran, Bangladesh, Brunei, Cambodia, China, India, Indonesia, Jordan, Kazakhstan, Kuwait, Laos, Luxembourg, Maldives, Malaysia, Mongolia, Myanmar, Nepal, New Zealand, Oman, Pakistan, Philippines, Qatar, Saudi Arabia Saudi Arabia, Singapore, Sri Lanka, Switzerland, Tajikistan, Thailand, Great Britain, Uzbekistan, Vietnam, Australia, Austria, Brazil, Denmark, France, Germany, Italy, Netherlands, Spain and Switzerland.

(Source: Mehr News Agency)

(Picture: Jin Liqun, Secretary General of the Asian Infrastructure Investment Bank)

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