{"value":{"id":434178,"memberId":4536,"member":null,"memberRole":"The Commercial Secretary to the Treasury","uin":"HLWS353","dateMade":"2015-12-04T00:00:00","answeringBodyId":14,"answeringBodyName":"HM Treasury","title":"UK Ratification of Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB)","text":"<p>My right honourable friend the Chancellor of the Exchequer (George Osborne) has today made the following Written Ministerial Statement.</p><p>Yesterday the UK became the seventh member of the AIIB after ratifying the Articles of Agreement: the first non-regional member, first member of the G7 and first major western country to do so. In order to come into force the Articles of Agreement need to be ratified by at least ten countries together holding 50% of the shares, this requirement is expected to be met during December.</p><p>In joining the AIIB the UK is demonstrating its support for China’s initiative to establish the Bank to address the historic shortage of infrastructure investment in Asia, this will support economic growth in the region and drive up living standards. The UK’s membership will deepening economic ties with Asia and create opportunities for British businesses.</p><p> </p>","house":"Lords","noticeNumber":0,"hasAttachments":false,"hasLinkedStatements":true,"linkedStatements":[{"linkedStatementId":434176,"linkType":"JointStatement","linkDate":"2015-12-04T00:00:00"}],"attachments":[]},"links":[{"rel":"self","href":"/Statements/434178","method":"GET"}]}