Serbia officially became a Non-Regional Member of the Asian Infrastructure Investment Bank (AIIB), the Country’s Ministry of Finance confirmed on Thursday in a press release.

Serbian Finance Minister Sinisa Mali estimated that by joining this international organisation, Serbia will “gain access to favourable credit funds for the implementation of priority projects”.

The press release said that the country fulfilled all the necessary procedures and conditions for membership.

Namely, Serbia adopted the Law on Confirmation of the Founding Act of the AIIB, deposited the instrument of accession and paid the first instrumental of its share in the bank’s capital.

The China-initiated multilateral financial institution began operation in January 2016 with 57 founding members, with an agenda focused on supporting sustainable development through infrastructure and other productive sectors in Asia and beyond.