Business / Economy

Founding members agree on AIIB's charter

(Xinhua) Updated: 2015-05-22 17:30

BEIJING - Negotiators from the 57 prospective founding members of the Asian Infrastructure Investment Bank (AIIB) have reached agreement on the bank's charter, with the signing scheduled for the end of June in Beijing, China's Ministry of Finance said on Friday.

The three-day meeting ended Friday in Singapore, the ministry said in a statement on its website.

The statement said after signing the charter, representatives of prospective founding members will bring the charter back to their countries for legal adoption processes. The bank, which will be headquartered in Beijing, is expected to be officially established at the end of 2015.

The AIIB is designed to finance infrastructure construction in the continent. It will have authorized capital of $100 billion and the initial subscribed capital is expected to be around $50 billion.

Hot Topics

Editor's Picks