HURRIYET DAILY - Wednesday,January 20 2016
Turkey has ratified the establishment agreement of the Asian
Infrastructure Investment Bank (AIIB), which was signed in June 2015. According
to a regulation, revealed in the Official Gazette on Jan. 12, Turkey
will not pay more than $2.6 billion as the capital contribution to the
bank. The Turkish cabinet has also been authorized to increase this amount by up to five times. Countries
from five continents formally signed up on June 29, 2015, to the
China-led AIIB, a potential rival to the Washington-based World Bank, as
Beijing steps up its global diplomatic and economic role. In
April 2015, the Chinese finance ministry said the AIIB had accepted
Turkey’s application to join the bank as a founding state. The
AIIB has been viewed by some as a rival to the World Bank and the Asian
Development Bank, and the United States and Japan, the world’s largest
and third-largest economies, respectively, have notably declined to
join. Beijing will be by far the largest AIIB shareholder at
about 30 percent, the articles of association posted on the website of
China’s finance ministry showed. India is the second biggest at 8.4 percent with Russia third on 6.5 percent, as reported by AFP in June 2015.
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