(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
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