Ulaanbaatar
Parliament ratifies AIIB founding articles
PoliticsUlaanbaatar /MONTSAME/ At Thursday’s plenary meeting, the State Great Khural considered and approved the bills on ratifying the Articles of Agreement on the Asian Infrastructure Investment Bank (AIIB). The articles were signed by PMs and finance ministers of 57 founding member states in Beijing this June 29.
China has initiated an establishment of the Bank, while Mongolia, Pakistan, Sri Lanka and other Asian countries have proposed joining the bank as founding members. Establishing the bank will help settle the financial source of investment for infrastructure developments and ensure fair distribution of capital throughout the region, and is of great importance in giving impetus to the regional development, considered the Cabinet.
At the end of plenary meeting, the bills were backed by 78.5 percent votes.
