Chile has been approved to join the Asian Infrastructure Investment Bank (AIIB) as a full member, a Latin American news source reported last week.
The Chamber of Deputies of the Republic of Chile, the lower house of Chile’s bicameral congress, approved the move on July 19, which would allow Chile to participate in the bank’s financing initiatives.
It will help the country participate in large connectivity projects between the Americas and Asia that are in the pipeline for future decades.
Finance Minister Felipe Larrain noted that the AIIB is interesting for Chile because it sends more than 50 percent of its exports to Asia, Chile’s main trading partner.
As part of the deal, the chamber also approved an agreement between Chile and China to eliminate double taxation, thereby enhancing opportunities for competition in the market.
