AMMAN: Minister of Planning and International Cooperation, Imad Fakhoury, Monday signed an agreement to establish the Asian Infrastructure Investment Bank (AIIB) in Beijing as a founding member along with other 57 countries.
The agreement, considered as the legal document and reference for organizing the bank’s work, includes articles about the bank’s objectives, scope of work, membership conditions and distribution of capital to member states.
In a statement, Fakhoury said: “The establishment of the bank aims to provide financing for investment projects in the infrastructure and productive sectors, such as energy, electricity, water, transport and communications in Asia.” He added that Jordan is keen to promote economic and social development and meet the needs of the Asian region through strengthening cooperation and integration among countries in the region.
The Minister said the Kingdom hopes that the bank will act as a springboard for partnership between public and private sector joint ventures by providing financing tools not available in other funding institutions. Each member of the Beijing-based bank will receive voting shares in line with its contribution to the bank’s planned $100 billion in capital, under the proposed structure. As the biggest donor, Beijing would get 26 percent of votes, with India in second place with 7.5 percent and Russia third with 5.9 percent.
