Business / Economy

AIIB to play significant role across Eurasian continent

(Xinhua) Updated: 2015-04-02 10:55

BISHKEK - The AIIB will play a significant role not only in Central Asia, but across the entire Eurasian continent, Kyrgyz Banks Union president told Xinhua on Wednesday.

As of Tuesday, the deadline of application for the prospective founding members of China-proposed Asian Infrastructure Investment Development Bank (AIIB), more than 40 countries and regions have submitted their applications to join the financial institution, which symbolized a substantial progress of AIIB's creation.

Anwar Abdraev, head of Kyrgyz banks union, said that in recent years Kyrgyzstan has been paying great attention to the infrastructure projects. But there is a large financial gap.

Most of the infrastructure projects were carried out with the participation of China or Russia. The creation of the AIIB is very positive for Kyrgyzstan, he said, adding that Kyrgyzstan will receive additional investment.

Abdraev said that the AIIB has the potential to become a strong financial organization, not only in Central Asia but also across the entire continent.

The expert hoped that the AIIB will be a sustainable and long-term source of financial flows in Asia.

Kyrgyz Prime Minister Joomart Otorbaev signed an governmental order last week to approve the application of his country to join the China-proposed AIIB as one of prospective founding members.

China's Ministry of Finance welcomed the Kyrgyz application to join the AIIB, saying 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.

Hot Topics

Editor's Picks