1 / 8

The Asian Infrastructure Investment Bank (AIIB) was established in 2015 in China. It is a multilateral development bank whose aim is to promote sustainable economic development, create prosperity and improve infrastructure, and promote regional development in the Asia and Oceania region: The RA Deputy Minister of Economy Narek Hovakimyan noted, presenting the draft law on Ratifying the Agreement on the Asian Infrastructure Investment Bank to the NA Standing Committee on Financial-Credit and Budgetary Affairs.

The Deputy Minister mentioned that since 2017, the Government debated the issue of joining the bank with 5 shares, which was rejected by the bank. Currently, there is a government decision to join the AIIB with 374 shares and become a member.

The Deputy Minister opined that the project is justified from the viewpoint of diversification of risks and credit funds. Armenia will join by subscribing 374 shares. The price of one share is 100 thousand US dollars, 20% of which is paid and the rest is on demand. The AIIB membership provides an opportunity for Armenia to participate in major regional investment projects.

The Committee Chair Tsovinar Vardanyan informed that the Agreement was debated in the Committee in working order as well.

The draft law providing for amendment and addendum to the law on the Budgetary System of the Republic of Armenia was debated in the second reading. The RA Deputy Minister of Finance Vahan Sirunyan informed that mainly technical proposals were submitted regarding the draft law. The Government submitted a proposal according to which the assessment of the state budget programmes will be carried out by the authorized body on behalf of the Government in accordance with the procedure established by the Government.

The Committee endorsed the debated draft laws.

The issues were debated at the Committee sitting on June 3.