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Friday, January 2, 2015, 22:39

New Asian bank to go into operation by year end

By Xinhua

BEIJING - The Asian Infrastructure Development Bank (AIIB) is expected to go into operation before the end of 2015, according to China's Ministry of Finance (MOF).

MOF said that the founding nations of the bank are expected to complete negotiations over and subscription of the bank's charter and regulations before June this year.

A MOF statement also said that the Maldives has become the latest prospective founding member of the bank after a consensus was reached among the 22 existing members on Dec 31.

So far, the number of Prospective Founding Members of the AIIB has increased to 23, including Bangladesh, Brunei, Cambodia, China, India, Indonesia, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, Vietnam, and the Maldives.

The MOF said any country interested in the AIIB is welcomed to join the bank.

The AIIB, an inter-governmental regional development institution in Asia, has an authorized capital of $100 billion and the initial subscribed capital is expected to be around $50 billion.

According to a memorandum of understanding signed in October 2014, Beijing will be the host city for the AIIB's headquarters.

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