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Hungary to join Asian Infrastructure Investment Bank: FM

Xinhua, April 11, 2015 Adjust font size:

Hungary will be joining the Asian Infrastructure Investment Bank (AIIB), Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto wrote on the government website on Saturday, essentially repeating an announcement made by Prime Minister Viktor Orban in Astana, Kazakhstan on April 1.

Szijjarto said Hungary's membership would help it to advance its international financial and economic system and offer Hungarian businesses more of a chance to increase their presence on Asian markets.

Szijjarto said he expected AIIB to become highly influential, which would give Hungary a chance to participate in a major market player and make it easier for Hungarian businesses to participate in bank-financed development.

Szijjarto gave no details on the financial conditions for Hungary's membership, saying only that they would be set at the accession negotiations.

The AIIB is expected to be established by the end of this year, with a mission to support infrastructure projects in Asia.

The total number of prospective founders has increased to 38 by April 10. The final number of founding members will be confirmed on April 15.

Founding members have the right to make rules for the bank. Countries and regions that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. Endit