Want China Times, Xinhua 2014-10-24
Twenty-one Asian countries willing to join the Asian Infrastructure Investment Bank (AIIB) as founding members on Friday morning signed a Memorandum of Understanding on Establishing AIIB (MOU).
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| Xi Jinping shakes with the representative at a singing ceremony in Beijing, Oct. 24. (Photo/CNS) |
Twenty-one Asian countries willing to join the Asian Infrastructure Investment Bank (AIIB) as founding members on Friday morning signed a Memorandum of Understanding on Establishing AIIB (MOU).
Chinese
President Xi Jinping met with the representatives of the 21 nations later in
the morning.
The 21
countries are Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait,
Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines,
Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.
The MOU
specifies that the authorized capital of AIIB is US$100 billion and the initial
subscribed capital is expected to be around US$50 billion. The paid-in ratio
will be 20%.
AIIB will
be an inter-governmental regional development institution in Asia. As agreed,
Beijing will be the host city for AIIB's headquarters.
It is
expected that the Prospective Founding Members will complete the signing and
ratification of the Articles of Agreement (AOA) in 2015 and AIIB will be
formally established by the end of the same year.
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