Hungary joining the Asian Infrastructure Investment Bank (AIIB) will help our country in developing its international financial and foreign trade relations and will increase the presence of Hungarian companies on Asian markets, Minister of Foreign Affairs and Trade Péter Szijjártó told kormany.hu.

Our membership will also give us a chance to be involved in the decision-making process of an international financial organisation that is expected to become highly influential in the future. Membership will make it easier for Hungarian businesses to participate in bank-financed developments. The implementation of projects financed by AIIB bears significant export potential for Hungarian companies and facilitates their participation in the execution of the new Silk Road concept. It is expected that AIIB resources can be used in regions, countries and industries where Hungarian exporters are already present and are set for further expansion, so our membership could greatly increase the export capacities of these companies. Details on the financial conditions of Hungary’s membership will be agreed upon at the accession negotiations.

The Asian Infrastructure Investment Bank was established on Chinese initiative in order to provide long term financing for infrastructure investments in the Asian region.

Chinese leaders first brought up the idea of establishing a multilateral bank in 2013, and since then it was already joined by 26 regional founding members; AIIB is expected to become operational by the end of 2015. The registered capital of AIIB will be USD 100 billion, of which non-regional members would take up 25-30 percent ownership. Non-regional founding members include Germany, France, Switzerland and the United Kingdom, while Australia, Austria, the Netherlands and Finland, amongst others have already announced their intention to join.

(Ministry of Foreign Affairs and Trade)