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Thursday, December 3, 2015, 20:52

AIIB to open in mid-January

By Xinhua

SHANGHAI - The Asian Infrastructure Investment Bank (AIIB) will open in mid-January next year, said Chen Huan, who is in charge of preparations for the bank's launch.

It will meet the requirements for opening at the end of December, Chen said.

According to an agreement, the AIIB will be eligible for opening after no less than 10 countries' legislatures passed the AIIB operational framework and their shares shall be no less than half of the total, Chen said.

So far, 12 countries' legislatures have passed the framework, but their shares are below 50 percent of the total. India and Russia, holding relatively larger shares, are expected to finish their legislative procedures in mid-December, Chen said.

China's top legislature in early November ratified the AIIB operational framework.

The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia.

With authorized capital of US$100 billion, the AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.

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