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Asian countries signed a memorandum on the establishment of the Asian Bank for Infrastructure Investments
In Beijing, representatives of 21 Asian state signed a Memorandum of Understanding on the establishment of the Asian Bank for Infrastructure Investments (ABIA), Xinhua reported. The co-founders of the investment bank are Bangladesh, Brunei Darussalam, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam. The headquarters of the new financial institution will be located in Beijing.
This was stated at a press conference by the Minister of Finance of the People's Republic of China, Lowe Jivei.
Developing countries in the Asian region can, thanks to ABIA, develop infrastructure and maintain a sufficiently rapid, stable and sustainable economic development. Developed countries can expand their investment needs and stimulate economic recovery, the Chinese minister said.
The initiative to create a financial structure belongs to the People's Republic of China. So far, China has held five multilateral meetings on the establishment of the Asian Infrastructure Investment Bank and one ministerial meeting.