BEIJING – The China-initiated Asian Infrastructure Investment Bank (AIIB), which has been established with support of 56 countries, was Friday formally established here and is expected to start operation next month.
“The AIIB is legally established as the Articles of Agreement take effect today,” China’s Finance Minister Lou Jiwei said in a televised statement.
Articles of Agreement outline the financial share of each founding member as well as rules for policymaking, governance structure and business and operational systems for the bank.
The bank’s formal establishment transpired after 17 funding members of the AIIB, accounting for just over 50 percent of its authorised capital of US$ 100 billion and subscribed capital of US$ 50 billion, ratified the agreement.
To be based in Beijing, AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.
Expectations are high for the new global multilateral financial institution, which will operate in an open, fair and efficient manner, AIIB’s president-designate Jin Liqun told Xinhua. For the full article click here
from critical infrastructure alliance http://ift.tt/1mFvCdY
via IFTTT
No comments:
Post a Comment