Rouhani Declares AIIB Membership

President Hassan Rouhani enacted the law for Iran’s membership in the Asian Infrastructural Investment Bank to the Ministry of Finance and Economic Affairs on Monday. The declaration comes after lawmakers approved the proposal in late August, IRNA reported. According to the law, the government is permitted to purchase 15,808 shares of AIIB worth $1.58 billion. Strengthening relations with Asian countries, through infrastructure development is said to be Iran’s main goal for joining the bank. The China-based AIIB started work in mid-January 2016. The international financial institution proposed by China will invest in Asia-Pacific infrastructure projects and is widely regarded as a rival to western-based institutions such as IMF and the Washington-based World Bank.