Poland likely to join AIIB in September

If the government gives the green light, Poland will apply to join the Asian Infrastructure Investment Bank  (AIIB) in September and it is likely that a membership deal would be signed the same month, the Ministry of Finance informed. If the application is approved, Poland is expected to make $831.8 million contribution. The membership of Poland would have to be ratified by the parliament and signed by the president. Earlier this year, Poland had been accepted as one of the founding members of the AIIB, however, it didn't sign the founding act of the bank. The spokesman of the Polish embassy to Beijing explained in June that “the relatively short time between the end of the negotiation process in May and the signing of the founding act of AIIB was insufficient for the Polish ministries and government lawyers to hold consultations.” The AIIB is a multilateral development bank focused on infrastructure financing in developing places. China owns over 26 percent of votes at the general meeting of the institution which will have at its disposal $100 billion.