AIIB Founders Meet Monday In Beijing To Ink Agreement
Representatives of the 57 prospective founding countries of the Asian Infrastructure Investment Bank (AIIB) will meet in Beijing Monday to sign the agreement for the bank, according to the Chinese Foreign Ministry.
Chinese President Xi Jinping will meet with heads of delegations from the prospective founding countries and Premier Li Keqiang will send a written message to the AIIB special finance ministers’ meeting, spokesman Lu Kang said at a daily press briefing.
The AIIB is designed to finance infrastructure construction in the region. It will have authorized capital of US$100-B and the initial subscribed capital is expected to be around US$50-B.
After signing the agreement, representatives of prospective founding members will bring the agreement back to their countries for legal adoption processes, according to the Chinese Finance Ministry.
The AIIB, which will be HQ’d in Beijing, is expected to be officially established at the end of Y 2015.
China and the other 56 founding members from both Asia and beyond are willing to work together to boost development, more countries are expected to join the financial institution.
Stay tuned…
HeffX-LTN
Paul Ebeling
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