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Pakistan to continue support AIIB: Dar

Pakistan to continue support AIIB: Dar

ISLAMABAD: Pakistan will continue to support China-based Asian Infrastructure Investment Bank (AIIB), said Federal Finance Minister Ishaq Dar, who is in Beijing to take part in the bank’s launching ceremony.

The minister, who also attended the first meeting of the bank’s Board of Governors, hoped that the bank would work well together in conjunction with other development banks and supplement the ability to fund and fill the infrastructure development deficit in the region.

Ishaq Dar also participated in the selection process of the board of directors of AIIB, said a press release received here. Pakistan is one of 28 countries who have already ratified the Articles of Agreement (AOA) and is thus eligible to select BoD director. In the first half of the year, some projects are expected to be rolled out by the bank.

If Pakistani projects get included in this batch, among top priority would be hydroelectric dams and reservoir projects, said the Minister talking earlier to media persons about the bank.

Established on December 25, 2015, the AIIB has three major layers of operation. Governors, Directors, and Senior Management and it is expected to be operational after its board of governors and board of directors convene in the inaugural session in progress.

During the inauguration the events include the first meetings of the Board of Governors followed by meeting of the Board of Directors, the election of inaugural President , the constituency directors and discussion on the key rules of operations and financing. Pakistan is one of the leading founding members of the 57-member AIIB.