Cyprus joins the AIIB elite, further strengthening ties with Asia

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The Directors of Asian Infrastructure Investment Bank (AIIB) have approved Cyprus’s admission as a fully-fledged member, the bank & the Cyprus Finance Ministry announced. Finance Minister Harris Georgriades expressed his delight with the deal, stating: “Cyprus is interested in strengthening its ties with Asian economies. Our participation with the bank expands the scope of economic diplomacy and the prospect of accessing investment capital”. The Beijing lender currently finances projects in Asia to help jumpstart the One belt, one road initiative. China’s president stated that the board decided to admit Cyprus, as well as Bolivia, Bahrain, Chile, Greece and Romania last week.