Next month, Geogia’s capital will host the first round of negotiations of the China-led Asian Infrastructure Investment Bank (AIIB).
The AIIB is newly created bank that is expected to be established by the end of this year for the purpose of providing loans for infrastructure projects in developing countries in Asia.
The first ministerial, which will be held in Tbilisi on August 24-25, will see founder banks introduce the candidates they wish to nominate for the AIIB presidential role.
Georgia joined the AIIB as a founding country last month when the country’s Finance Minister signed a special document cementing Georgia’s place as one of 57 AIIB founding nations. By joining AIIB Georgia will be able to attract preferential financial resources for implementing infrastructural projects. The capital of the bank will be $500 billion USD.