Business / Economy

Polish parliament ratifies agreement to join AIIB

(Xinhua) Updated: 2016-03-12 10:23

WARSAW - The lower house of the Polish Parliament (Sejm) on Friday unanimously ratified an agreement for Poland to participate in the Asian Infrastructure Investment Bank (AIIB).

"Consent is granted for the president of Poland to make the ratification of the agreement to join AIIB, drawn up in Beijing on the June 29, 2015," the bill read.

Under the government of former Polish prime minister Ewa Kopacz, the Polish ambassador in Beijing signed the AIIB agreement document in October 2015.

The passing of this bill means no objections were raised regarding the country's participation in the initiative. The document will now be ratified by the president of Poland.

AIIB is a Chinese initiative, whose creation was supported by 57 countries. It is seen as a new alternative for international financial institutions to support infrastructural investment and development.

Polish participation in the initiative is estimated at around $831.8 million or 0.83 percent of AIIB's capital.

Poland hopes the new bank will improve trade between Poland and China and help the country participate in the Belt and Road Initiative.

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