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Hungary joins AIIB by presenting documents

By presenting its accession documents and the transfer of its capital contribution on Friday, Hungary joined the Asian Infrastructure Investment Bank (AIIB), the Ministry for National Economy announced, according to reports.

Minister for National Economy Mihály Varga presented the accession documents to AIIB President Jin Liqun at the second annual meeting of the bankʼs board of governors in Jeju, Korea, according to Hungarian news agency MTI.

The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) adopted resolutions approving 13 applicants to join the bank, including Hungary, in March; the total number of members has now reached 70.

AIIB is a multilateral development bank established with the intention to support the building of infrastructure in the Asia-Pacific region, according to Wikipedia. After ratifications were received from ten member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock, the bank started operation on December 25, 2015.