30
Oct
Iran has finalized buying 2.8 percent of the shares of Asian Infrastructures Investment Bank (AIIB), the Mehr News Agency quoted Mohammad Khazaei, Iran’s deputy economy minister for development affairs, as saying on Tuesday.
According to the official, the bank share purchase tactic aims to beef up Iran’s influence over some regional organizations.
AIIB is a multinational bank recently founded by China, whose stocks are held by a number of countries.
With an initial membership of 27 countries, AIIB was founded in October 2014 in Beijing. It is a multidimensional development body with a main focus on infrastructures. Countries such as France, Germany, Indonesia, Spain, and Vietnam, to name few, are member countries.
Iran’s role in AIIB both as a member and shareholder is vital as the bank is meant to act as an alternative to the existing American and European-dominated financial institutions such as the World Bank and International Monetary Fund (IMF).
Meanwhile, Khazaei revealed Iran’s intention to buy stocks of the BRICS New Development Bank (NDB), which is shared by countries such as Brazil, Russia, China, and India. However, the official did not provide further details.
The agreement to establish the NDB, with an initial capitalization of $100 billion, was signed by the BRICS member states during the group’s 6th summit in Fortaleza, Brazil, in July 2014.
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa, which are all deemed to be at a similar stage of newly advanced economic development.
Source: http://www.tehrantimes.com/index_View.asp?code=250398