Business / Economy

Greece to apply in August to join Asian Infrastructure Investment Bank: official

(Xinhua) Updated: 2016-07-22 09:59

ATHENS - Greece will apply to participate in the share capital of the Asian Infrastructure Investment Bank (AIIB), the Government Council on Economic Policy decided on Thursday, in a meeting chaired by Deputy Prime Minister Yannis Dragasakis.

In an e-mailed press release, Dragasakis' office said the decision was part of the government's "general strategy to develop collaboration with international collective investment institutions, with the aim of security financing for high-added value investment plans."

Greece's official request to participate in the AIIB will be submitted by the finance ministry in August, with Professor Panagiotis Roumeliotis acting as the negotiator and representative of the Greek side, the press release said.

Some 17 European countries, as well as states on other continents, participate in the AIIB, which is empowered to finance projects in the region of Asia or projects on other continents that help link them with Asia.

"AIIB will be able to finance projects by Greek companies in the Middle East, China and the rest of Asia, as well as projects in Greece carried out by companies based in Asian countries," according to the press statement.

Greece was expected to participate in the share capital with about 10 million euros ($11 million), the announcement read.

"Should the Greek request will be approved during the meeting of AIIB's board of directors on September 26, 2016 then the contract between Greece and AIIB will be soon submitted to parliament for ratification," the statement concluded.

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