Argentina Joins Asian Infrastructure Investment Bank

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Argentina has joined the Beijing-led Asian Infrastructure Investment Bank (AIIB ) in a move that may bring forward the countries decision to officially join China’s Belt & Road Initiative. This brings the numbers of sovereign shareholders of the AIIB to 103.

Argentina’s Chamber of Deputies approved Argentina’s entry into the Asian Infrastructure Investment Bank (AIIB) last week with only four votes against, following which legislation to formally do so will be signed into law by President Alberto Fernández.

Argentina becomes the third Latin American country to join the AIIB, following Ecuador and Uruguay. Five more countries – Brazil, Chile, Venezuela, Peru and Bolivia – are waiting to become members.

AIIB membership opens up the possibility of credits for infrastructure development that usually go through the World Bank and the Inter-American Development Bank (IDB). The decision to join this multilateral financial entity created by China comes at a time when the Argentine government is trying to refinance its huge debt with the International Monetary Fund.

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