December 15, 2016

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Myanmar signs Articles of Agreement-AOA for AIIB

Finance ministers and delegates to signing ceremony for article of AIIB pose for documentary photo.
Finance ministers and delegates to signing ceremony for article of AIIB pose for documentary photo.

Union Minister for Finance U Win Shein, on behalf of Myanmar government, signed Articles of Agreement-AOA for establishment of Asia Infrastructure Investment Bank in Beijing, People’s Republic of China, on 29 June. Chinese President Xi Jinping held a meeting with finance ministers and delegates from 57 AIIB member countries on establishment of the bank. At the special meeting, they discussed election of the president for the bank, financial programme and acceptance of new members. A total of 22 Asian countries signed the MoU on establishment of AIIB on 24 October 2014. Coordinators held meetings five times for establishment. At present, the AIIB was formed with 37 regional countries and 20 outsiders. AIIB, an international financial institution, will contribute to investment and regional economic development in economic infrastructure and other development projects.

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