Yesterday (23rd June) the Government of Mongolia’s Permanent Committee on the Economy discussed the “Founding Agreement of the Asian Infrastructure Investment Bank” (AIIB). The Committee will deliver their recommendations and conclusions to the Parliamentary Permanent Committee on Security and Foreign Affairs.

The establishment of the AIIB will be a huge stimulus to regional development and will create a new financial environment for Asian infrastructure development.

The Chinese Government proposed membership in the AIIB project to Mongolia which was officially accepted at a meeting 28th March 2014. Subsequently the founding members signed, and started their contract works on 28th October 2014.

The amount from each county has been specified as has the voting power, bank procedures and the rights and duties of member 57 countries. This has been after five conferences.

The activity of AIIB is likely to start in late 2015. According to D.Zorigt, a member of parliament, the signing ceremony on the project will take a place on 29th June 2015 in Beijing.