- The Executive has already expressed its interest to the Chinese Government, promoter of this multilateral financial institution
- The bank will have a capital of 100,000 million dollars and the participation in its capital of thirty countries
Spain will participate in the foundation of the Asian Infrastructure Investment Bank (BAII). The Executive has already sent the Chinese Government, the bank's promoter, a letter stating its intention to get involved from the first moment in the preparation of the Articles of Agreement of this new and important multilateral financial institution. This agreement is expected to be approved this year.
The objective of the BAII is to promote the sustainable development of Asia, concentrating on the financing of energy, transport and telecommunications infrastructures, as well as the financing of projects for urban and rural development and the conservation of the environment in the region. The institution will have an authorized capital of 100 billion dollars and will provide financial support to projects in Asian countries through the granting of loans, the investment in capital or the granting of guarantees. The BAII will work closely with other existing multilateral development banks such as the Asian Development Bank or the World Bank. The financial participation of Spain will be decided after the approval of the Articles of Agreement, at the time of its effective entry into the institution.
The foundation of BAII was proposed by China in 2013. Currently, more than thirty countries, particularly in the region, have expressed their intention to participate in this institution. Several western European countries (United Kingdom, Luxembourg, Switzerland, Germany, France and Italy) have also announced their interest in being part of the bank's foundation.
