Beijing, June 29, IRNA � An official ceremony was held here Monday morning for signing the articles of agreement of the Asian Infrastructure Investment Bank (AIIB) in which Iran�s Economic Affairs and Finance Minister Ali Tayebnia and officials of over 50 countries were present.


China�s Finance Minister Lou Jiwei who delivered an opening speech, welcomed the participants and expressed hope that AIIB can play an outstanding role in the progress and development of the ancient continent.

He said presence of economic representatives from five continents of the world in Beijing for finalization of the AIIB articles of agreement is taken as a good omen, stressing that real development will be achieved through such cooperation.

Emphasizing important and effective role of collective economic institutes, including AIIB in the trend of world economic development, he termed cooperation and constructive interaction of member countries as a guarantee for the survival of this economic forum.

The participant ministers are expected to have a meeting with the Chinese President Xi Jinping after signing the articles of agreement.

Yesterday a preliminary session was held in the presence of deputy economy ministers of the participating countries, including Mohammad Khazaei of Iran, in which views were exchanged.

The AIIB is a multi-dimensional bank the capital of which is mainly allocated for infrastructural projects.

The Islamic Republic of Iran on March 7 this year was accepted as a member in the founding board of the bank.

China which is the initiator of the formation of the bank is expected to make an investment of $50 billion and thereby obtain 50% of the shares.

The US and Japan, the two major economic powers of the world, have not made any decision yet to join the bank but this does not reject their joining in future.

By IRNA