Iran’s Ministry of Economic Affairs and Finance Appointed as the Executive Body for Dealing with AIIB

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Nourlaw.com- Tehran- 24 December 2016- As reported by the Official Gazette published today, Iran has appointed the Ministry of Economic Affairs and Finance as the body responsible for conducting relations with the Asian Infrastructure Investment Bank (AIIB).

According to its Decree No. H117498/53644 dated 23/09/1395 (13 December 2016), the Council of Ministers named the Ministry of Economic Affairs and Finance as the executive organ for dealing with the AIIB.

On 24 August 2016, Iran’s parliament approved a Single Article Law allowing Iran to join the AIIB

The said bank is an international financial institution that was proposed by China in 2013, with the goal of supporting the building and development of infrastructures throughout the Asia-Pacific region. AIIB has 57 member states and USD 100b in capital. The legislative measure allows the government of Iran to subscribe 15,808 shares with a value of USD 1.59b and participate in future capital increases of the bank.