Pakistan signs AIIB agreement

Finance Minister Ishaq Dar represented the country at the event where 57 founding members signed the AoA

Pakistan on Monday signed the articles of agreement (AoA) of the Asian Infrastructure Investment Bank (AIIB).

The document was signed along with 57 other founding members during a ceremony held at the Great Hall of the People in Beijing.

Finance Minister Ishaq Dar represented Pakistan at the event. He also met the Chinese Predent Xi Jinping.

Earlier in May this year, the prospective members of the bank had finalised the articles of agreement for the AIIB after deliberations as a result of a three-day policy meeting. It is believed that the bank would be operational by the end of 2015.

After intensive consultations amongst the members, the signing of AoA was made possible just eight months after an MoU on the establishment of AIIB was signed in October 2014.

“We believe that the Bank will be an important platform to convert the abundant savings available in the region into investment to help regional economies achieve sustainable and rapid development and thereby contribute to the world economy,” said Dar following the ceremony adding that Pakistan hope to draw financial support for communications and energy infrastructure projects including projects for construction of roads, dams, power generation.

“Energy and communications infrastructure development is much needed in the region and we believe that AIIB would cater to the needs of the region and compliment the availability of resources in the region,” said Dar.

The finance minister claimed that the China-Pakistan Economic  Corridor ( CPEC) project, which involves a cluster of communications infrastructure and power generation projects, would provide an integrating platform to over three billion people living in Central, West and South Asia, the Middle East and African Regions.

Dar, during his meeting with the President Xi, extended warm wishes and regards of Pakistan.

Later, Dar led the Pakistani delegation at the ministerial meeting. Pakistan’s Ambassador to China Masood Khalid was also part of the delegation.