China / Society

Kyrgyzstan decides to join China-proposed AIIB

(Xinhua) Updated: 2015-03-31 21:37

BISHKEK -- Kyrgyzstan on Tuesday decided to join the China-proposed Asian Infrastructure Investment Development Bank (AIIB) as one of prospective founding members, said the Kyrgyz government website.

The website noted that the purpose of AIIB, a multilateral development bank, is to provide financial support to the development and improvement of infrastructure in Asia, whose priority investment areas are energy, transportation, communications, agriculture, water supply, environmental protection and urban construction.

China's Ministry of Finance welcomed the Kyrgyz application to join the AIIB on the same day.

The ministry website said Kyrgyzstan will become a founding member on April 9 if other members approve.

The AIIB, an international financial institution aiming to provide support to infrastructure projects in Asia, is expected to be established by the end of this year.

The application deadline is Tuesday. So far more than 40 countries have applied to join the AIIB.

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