BEIJING: Federal Minister for Finance, Senator Mohammad Ishaq Dar participated in the inauguration ceremony of Asian Infrastructure Investment Bank (AIIB) and attended the first meeting of its Board of Governors (BoG) in Beijing on Saturday.
The events mark the operationalization of the institution, with the participation of 57 founding members. The process of negotiations for establishment of the Bank continued for two years. Pakistan supported the idea of the new bank from the very beginning and was one of the 22 countries which initially started the consultative process for the establishment of the Bank, which was later joined by most Asian countries and a significant number of non-regional members.
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.
Finance Minister Senator Ishaq Dar who is a Governor on the Bank’s BOG, also participated in the selection process of the Board of Directors of AIIB. Pakistan is one of 28 countries who have already ratified the Articles of Agreement (AOA) and is thus eligible to vote for in the election of Directors.
The Minister reaffirmed Pakistan’s support to AIIB and hoped that the bank would work together in conjunction with other development banks and supplement the ability to fund and fill the infrastructure development deficit in the region. Talking to the media earlier, the Minister stated that Pakistan would recommend hydropower and other water sector projects to AIIB for financing, to be selected among the first batch of projects.