MINSK, 2 October (BelTA) - Belarus has ratified the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) and looks forwards to implementing projects in transport and logistics, Belarus' Finance Minister Maksim Yermolovich told the media in Minsk on 2 October, BelTA has learned.
The minister noted that all the necessary procedures for Belarus to become a full member of the AIIB must be completed before the end of the year. After that, the country will have an opportunity to apply for funding in accordance with the regulations of the Bank. Maksim Yermolovich called transport, transport infrastructure, manufacturing and logistics as the priority areas of cooperation with the AIIB.
The AIIB finances projects in infrastructure, energy and road construction. They are of high relevance for Belarus due to the Belt and Road initiative.
Maksim Yermolovich mentioned the conditions of Belarus' membership in the AIIB. "We have subscribed to 641 shares of the bank. This totals $64.1 million. Our cash contribution should be 20% of this amount, just over $12 million. The transfer will be made in five annual tranches of $2.56 million. This will give us an opportunity to fulfill the obligations on the monetary contribution in five years. The first tranche will be transferred in 2019," he noted.
After receiving the participation quota, Belarus will be able to use the AIIB financing. “First, the Bank develops a strategy, sets up projects, areas of work. Within the framework of this work, the AIIB will decide the amount of credit resources that Belarus can apply for. This will significantly exceed our contribution to the bank,” Maksim Yermolovich explained.
On 2 October the House of Representatives considered 12 issues at the opening of the autumn session. The amendments to the laws on sanitary and epidemiological welfare of the population, on waste management and to the Procedural-Executive Code of Administrative Offenses passed their first reading. The bills amending and supplementing the laws on freight forwarding, on the electronic document, electronic digital signature had their second reading. The amendments to the Code of Civil Procedure and the bill on organic products will have their second reading.
The MPs ratified a number of international treaties, including intergovernmental Belarusian-Turkish agreements on international multimodal transport of goods and assistance on mutual promotion and protection of investments.
