Ambassador Ts.Sukhbaatar to the People’s Republic of China receives mandate to sign on the Memorandum of Understanding between founding countries of the Asian Infrastructure Investment Bank.
The Asian Infrastructure Investment Bank was initiated by Chairman Xi during his visit to Mongolia and its importance lays on the solution of capital resource in the infrastructure sectors of the developing countries in the region, effective coordination of the capital and monetary flow and bringing acceleration in the regional development.
Government of People’s Republic of China made proposal to Mongolia to become its founding member and the Cabinet Meeting approved such involvement. Draft of the Memorandum of Understanding of the Asian Infrastructure Investment Bank is composed and it will be signed by the representatives of founding countries on October 24. This signing will enable further contract building process and founders are planning that by the end of 2015, the bank will start its operation.
The bank establishment will add a new financial option for the Mongolian infrastructure and other sectors that require investment.