With 57 votes, the Legislative Assembly ratified the document “Articles of the Agreement on the Asian Investment Bank” that will allow it to join as a member of the Asian Infrastructure Investment Bank (IIB).
The instrument was signed in Beijing, China, on June 29, 2015, and the IIBA was founded in 2016, with 57 founding members.
The agreement seeks to cover the substantial financial gap between the demand for sustainable infrastructure between member countries and the financial resources available.
The priority funding of the IBA, according to the government, is allocated to green infrastructure, connectivity and regional cooperation, technological infrastructure and private capital mobilization.
The bank, according to the opinion, has 109 members, 96 of whom are full members, and 13 are potential members; the IIBA has made an investment of $53,540 million in 274 projects.
El Salvador’s application to become a member of the Bank was approved by the Board of Governors of the IIA on 26 September 2023; the formal request was made on 18 September 2023. To be part of the Asian Infrastructure Investment Bank, El Salvador must subscribe to 50 capital shares of the bank.
He would have more access to financing public investment projects, summed up the benefit of El Salvador’s integration into BAII, the director of public investment of the Ministry of Finance, Marlon Herrera.
This article has been translated after first appearing in Diario El Mundo