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Luxembourg Parliament approved accession to AIIB

Published Wednesday November 18 2015

On 11 March this year, the Luxembourg Government announced its decision to become a prospective founding member of the AIIB. It was the first western country to do so, several days before the United Kingdom and Switzerland.

In a few weeks, it will also be among the very first European countries to formally ratify the treaty establishing the bank.

The internal legislative procedure was finalized in the Grand Duchy. Following signing of the law by HRH the Grand Duke on 15th November and publication today, Luxembourg will hand over the instruments of ratification in a few weeks.

Luxembourg also supports China joining the European Bank for Reconstruction and Development (EBRD).

Background :

On 11 March, 2015 Luxembourg declared its intention to become a prospective founding member of the AIIB.

The Grand Duchy signed the articles of agreement of the AIIB in Beijing on 29th June  as prospective founding member, together with all the other founding member States.

The draft law to allow the Government to ratify the treaty was presented in Parliament  on 17th August .

It was adopted on 13th October by a large majority of the Chamber of Deputies (50 votes to 2).

The Council of State (second Chamber) also gave its approval on 10th November.

On November 15, the Grand Duke signed the law and its publication happened today, November 18.

The next step will be handing over the instrument of ratification to the depositary State.

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