On Tuesday, the government will take up the draft resolution on. To authorize the signing of the Agreement Establishing the Asian Infrastructure Investment Bank (AIIB) . The Bank would be Chinese competition, the IMF and the World Bank.
Asian Infrastructure Investment Bank is China’s new initiative. It has to be an alternative to international financial institutions dominated by the US, as the World Bank and the International Monetary Fund and the driver of infrastructure investment and economic development in China. Our country received an invitation to participate in AIIB, has not taken yet a final decision on whether to his connections.
According to the agenda of the next, scheduled for Tuesday meeting of the Council of Ministers one of the topics to be just a draft resolution ws. to authorize the signing of the agreement on the establishment AIIB.
Earlier this month, the Ministry of Finance reported that the positive decision of the Council of Ministers will enable the start-up procedures involved in preparing the relevant authority of the Head of the Ministry of Finance or the ambassador in China, “and signing this agreement could take place in the second half of September. “. Binding of Polish Agreement for the establishment AIIB will take place through ratification by the president, with their prior permission (by law) by Parliament.
Benefits for Polish companies
Ministry Finance indicated that the role AIIB will primarily support the construction of infrastructure transport and energy sectors in Asia, as well as financing the construction of grid connections between neighboring countries in Asia. According to the National Bank it is designed to operate across Asia, which includes Central Asia, including Kazakhstan, Mongolia, Tajikistan, as well as other areas of the former Soviet Union, for example. Azerbaijan and Georgia.
According to the Ministry of Finance Polish participation in AIIB may facilitate the Polish business access to procurement procedures, which aim would be selecting contractors and suppliers of projects financed by AIIB, as well as provide access to information about such possibilities.
Resort stipulated, however, that the bank itself and Polish participation in it does not constitute any guarantee of success and benefits to Polish companies, since they must achieve it themselves thanks to the quality and reliability of its offer. According to the Ministry of Finance Polish accession to AIIB should also be considered, among others as part of building a favorable political climate for raising the competitiveness of Polish actors, by supporting their presence in global markets.
On Thursday August 27 Polish Information and Foreign Investment Agency (PAIiIZ) and the Finance Ministry have planned a conference in which they participate companies from the infrastructure and construction interested in cooperation with China .
– You will want to find out from these companies, what their expectations are and what projects we want to present the Asian Bank of infrastructure investments – said last week the head of PAIiIZ Sławomir Majman.
How much will it cost us?
In late June, representatives of 57 countries, including Polish, participated in Beijing in the ceremony of signing of the memorandum AIIB. Volume of each Member State to be dependent on its contribution to the planned 100 billion dollars in the share capital of AIIB. China, which is the initiator of the project, paid the 26 percent. of this amount, the second place will be India with 7.5 percent. participation, and Russia third with 5.9 percent.
In the case of accession to AIIB our participation would amount to 831.8 million (0.83 per cent. of the whole capital of the Bank). Only 1/5 of this amount would be paid in cash, in five annual installments. The payment would also be a capital investment and would not maximize Polish budget deficit.
The intention to establish a new international bank encountered the opposition of the United States, which along with Japan decided not to join him. The initiative, however, China has found a surprisingly broad support from US allies, including Britain, Germany, France, Italy, Australia, New Zealand and South Korea. Germany as the fourth largest shareholder AIIB counting on the fact that its European regional office will have its headquarters in Frankfurt am Main, and not in London.
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