Dar attends AIIB launching ceremony in Beijing

ISLAMABAD: Finance Minister Ishaq Dar on Saturday took part in the Asian Infrastructure Investment Bank (AIIB) launching ceremony and attended the first meeting of its Board of Governors in Beijing.

The minister also participated in the selection process of the board of directors of AIIB, said a press release. Pakistan is one of 28 countries that have already ratified the Articles of Agreement (AOA) and is thus eligible to select the BoD director. In the first half of the year, some projects are expected to be rolled out by the bank.

If Pakistani projects get included in this batch, among top priority would be hydroelectric dams and reservoir projects, said the minister talking earlier to media about the bank.

Ishaq Dar also reaffirmed his support to AIIB and hoped that the bank would work well together in conjunction with other development banks and supplement the ability to fund and fill the infrastructure development deficit in the region. Established on December 25, 2015, the AIIB has three major layers of operation including governors, directors and senior management, and it is expected to be operational after its board of governors and board of directors convene in the inaugural session in progress.

 

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