News / Economy

Iran becomes high-profile Asia bank founding member

Tuesday, 07 April 2015 11:43 AM [ Last Update: Tuesday, 07 April 2015 11:42 AM ]

This file photo shows a meeting of AIIB bank in Beijing.

Iran has been approved as a founding member of the Asian Infrastructure Investment Bank (AIIB), less than a week after Tehran and six powers reached a framework agreement on the Islamic Republic’s nuclear issue.

China’s Ministry of Finance said in a statement on Tuesday that Iran's application was backed by other founding members of the Beijing-based bank.

Iran was among more than 50 countries that have applied to join the bank.

Last week, US Treasury Secretary Jacob Lew said his country is "ready to welcome" the bank, adding that the AIIB is expected to complement existing multilateral institutions such as the World Bank (WB) and International Monetary Fund (IMF).

Last Thursday, Iran and the P5+1 states – the US, France, Britain, Russia and China plus Germany – issued a joint statement at the end of eight days of sensitive nuclear negotiations in the Swiss city of Lausanne.

Iran and the six global powers will work to draw up a final accord by the end of the self-designated June 30 deadline.

According to the joint statement, the two sides have reached a mechanism to lift sanctions after the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), is reached by the end of June.

The joint statement read by Iranian Foreign Minister Mohammad Javad Zarif in Persian late Thursday stipulates implementation of the JCPOA shortly after its adoption as a United Nations Security Council resolution.

Once a preparation period is over, Iran starts implementation of nuclear measures while simultaneously removal of “all sanctions” goes into action automatically .

KA/KA

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