The Government authorizes the ratification of the Asian Infrastructure Investment Bank




Eduardo González. 19/11/2016


Yesterday, the Council of Ministers sent to Parliament the statutes of the Asian Infrastructure Investment Bank (AIIB), whose ratification, postponed because of the long political impasse, should occur before the end of the year if Spain wants to be part of Its governing bodies.


Ratification of the AIIB is one of the ten agreements or conventions that were paralyzed because the Government in office could not proceed with its authorization. For that reason, the Executive urged yesterday to the Parliament to process it by the procedure of urgency.


The AIIB is part of the investment program The New Silk Road, launched in 2013 by Chinese President Xi Jinping to improve connections in Asia, Africa and Europe. Spain should ratify by December 31 the text establishing the Asian Bank to be able to subscribe shares of this entity and be represented in its governing bodies as a founding member.


Spain signed the by-laws of this Bank on 29 June 2015 and thus became one of its twenty potential non-regional founders, to which must be added the 37 potential regional founders of Oceania and Asia, including Russia. Once the statutes have been ratified, Spain will subscribe 1,761.5 million dollars in shares and disburse 20% (352.3 million) over a period of four years.


Spain must ratify the statutes this year to be founding partner of this bank set up by China


According to the Executive, Spain’s interest in AIIB responds to the need to be adequately represented “in relevant multilateral financial institutions”. “The many Spanish construction companies bidding for infrastructures in the region are very competitive and may be interested in the activity of this bank”, it added.


The United States has so far refused to join AIIB, but Bank President-elect Jin Liqun said last week that Donald Trump’s future government might change its mind, as some of its closest supporters are supporters of ratify the statutes of the entity.



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