On 1 April, Israel’s Prime Minister Binyamin Netanyahu, in his capacity as Minister of Finance, signed a letter to confirm that Israel will join the Asian Infrastructure Investment Bank (AIIB). More than 50 other countries have also joined the new bank.

Israel’s membership in the bank will open opportunities for integration of Israeli companies in various infrastructure projects, which will be financed by the bank.

Chinese President Xi Jinping and Premier Li Keqiang announced the AIIB initiative during their respective visits to Southeast Asian countries in October 2013. It is envisaged that the bank will promote interconnectivity and economic integration in the region and co-operate with existing multilateral development banks.

In October 2014, representatives from 21 Asian countries signed the Memorandum of Understanding on establishing AIIB in Beijing. The new bank will complement the World Bank and the Asian Development Bank. The bank plans to invest a total of US$100 billion in infrastructure projects in Asian countries; half of that amount has already been budgeted by China. The International Monetary Fund and other international financial institutions have expressed their willingness to cooperate with AIIB.