Argentina to join Asian Infrastructure Investment Bank
Argentina is to join the Asian Infrastructure Investment Bank.
After the legislation is signed into law by President Alberto Fernández, which is expected shortly, Argentina will become the third Latin American country to join the AIIB. The other two countries from the region are Ecuador and Uruguay. Five more countries – Brazil, Chile, Venezuela, Peru and Bolivia – are waiting to become members.
AIIB membership opens up the possibility of credits for infrastructure development that usually go through the World Bank and the Inter-American Development Bank.
The decision to join the China-led AIIB comes at a time when the Argentine government is trying to refinance its huge debt with the International Monetary Fund, which tends to follow the US lead.
