Maldives and Asian Infrastructure Investment Bank (AIIB) has held discussions to acquire funding for infrastructure development projects.
The discussions were held in the first annual meeting held between the two parties. Newly appointed Finance Minister Ahmed Munawwar and Housing Minister Dr. Mohamed Muizz represented the Maldives held with AIIB President Jin Liqun.
Housing Ministry reported the discussions were extremely successful and was assured that AIIB will back many of the projects run in the country.
AIIB) is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 37 Founding Members and was proposed as an initiative by the government of China. The initiative gained support from 37 regional and 20 non-regional Prospective Founding Members (PFM), all of which have signed the Articles of Agreement that form the legal basis for the bank. The bank started operation after the agreement entered into force on 25 December 2015, after ratifications were received from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.
