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Wednesday, April 1, 2015
Israel joins the new Asian Infrastructure Investment Bank (initiative of the President of China)

Israel joins the new Asian Infrastructure Investment Bank
31 Mar 2015
(Communicated by the MFA Spokesperson)

Prime Minister Benjamin Netanyahu, in his capacity as Minister of Finance,
signed today (Tuesday, 31 March 2015) a letter of application to join the
Asian Infrastructure Investment Bank (AII), a result of the initiative of
the President of China. By doing so, Israel will join more than 40 other
countries who have already joined the new bank.

The process of joining the bank was led by the Ministry of Foreign Affairs
in recognition of the importance of joining major Asian organizations on the
continent. Israel's membership in the Bank will open opportunities for
integration of Israeli companies in various infrastructure projects, which
will be financed by the bank.

The new Asian Infrastructure Investment Bank (AIIB) was established as
result of the initiative of Chinese President Xi Jinping in October 2014.
The new bank will complement the World Bank and the Asian Development Bank.
The bank plans to invest a total of $ 100 billion in infrastructure projects
in Asian countries; half of that amount has already been budgeted by China.

Approximately 40 countries, including Britain, Germany, France, Italy,
Australia, New Zealand, Singapore, Korea, Switzerland and Denmark have
already submitted their request to be founder members. Identical requests
have been filed by countries in the Middle East, including Jordan, Kuwait,
Oman and Qatar, among others. Ten other countries intend to submit their
application today - the final date for submission.

The International Monetary Fund, the Asian Development Bank and other
international financial institutions have expressed their willingness to
cooperate with AIIB.

It should be noted that the establishment of the bank is a Chinese
diplomatic achievement. China initially intended that 35 countries should
join, and to date 50 countries have joined. The establishment of AIIB is
one of the most important initiatives in terms of Chinese foreign policy and
in particular for President Xi Jinping, as this is his personal initiative.

In the coming months the Israeli Finance Ministry will participate in the
negotiations relating to the bank's founding documents.

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