ENAB membership provides an opportunity for RA to participate in major regional investment programs

The Asian Infrastructure Investment Bank (IAIB) was established in 2015 in China. It is a multilateral development bank whose goal is to contribute to sustainable economic development, create well-being and improve infrastructures, promote regional development in the Asia and Oceania region, said Narek Hovakimyan, Deputy Minister of Economy of the RA, at the session of the Standing Committee on Finance, Credit and Budgetary Affairs of the National Assembly on June 3. presenting the draft law "On Ratifying the Agreement on the Asian Infrastructure Investment Bank" to the discussion. NEWS.am was informed about this by the RA NA. The Deputy Minister noted that since 2017, the Government discussed the issue of joining the bank with 5 shares, which was rejected by the bank. Currently, there is a decision of the Government to join ENAB with 374 shares and become a member. The Deputy Minister expressed his opinion that the project is justified from the point of view of diversification of risks and credit funds. Armenia will join by subscribing 374 shares. The price of one share is 100 thousand US dollars, 20 percent of which is paid and the rest is on demand. YENAB membership provides an opportunity for Armenia to participate in major regional investment projects. The chairman of the commission, Tsovinar Vardanyan, informed that the agreement was also discussed in the working order in the commission. The draft law providing for amendments and additions to the law "On the Budgetary System of the Republic of Armenia" was discussed in the second reading. RA Deputy Minister of Finance Vahan Sirunyan informed that mainly technical recommendations were submitted regarding the draft law. The Government presented a proposal according to which the evaluation of the state budget programs will be carried out by the authorized body on behalf of the Government, in accordance with the procedure established by the Government. The commission gave a positive conclusion to the draft laws discussed.