Cyprus has been approved to become a full member of the Asian Infrastructure Investment Bank (AIIB) by the Director’s board of the organisation.
The AIIB, which is based in Beijing, was founded in 2015 with the goal of financing projects in the Asian continent, or projects in other continents which facilitate connection with Asia. The AIIB has an initial share capital of $100 billion, with China as its largest shareholder, and will mostly fund investments in infrastructure for energy, water, environmental projects, along with participating in the share capital of companies and offering guarantees.
Finance Minister Harris Georgiades said that “Cyprus joining as a full member the AIIB is an event of political and financial significance. Cyprus is interested in strengthening its bonds with Asian economies”.
“Our participation in the AIIB expands the field of financial diplomacy, and the prospects for accessing investment funds,” said Georgiades.