Deal reached on Asian infrastructure investment bank
Twenty-one Asian countries
signed a Memorandum of Understanding (MoU) on establishing the Asian
Infrastructure Investment Bank (AIIB) which has authorised capital of up
to 100 billion USD and a proposed initial subscribed capital of around
50 billion USD.
Twenty-one Asian countries
signed a Memorandum of Understanding (MoU) on establishing the Asian
Infrastructure Investment Bank (AIIB) which has authorised capital of up
to 100 billion USD and a proposed initial subscribed capital of around
50 billion USD.
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 bank, initiated by Chinese President Xi Jinping at the 2013
Asia-Pacific Economic Cooperation forum, will be based in China which
contributes a majority of the initial capital.
The AIIB, expected to be formally established by the end of 2015, will
provide funding for infrastructure development including the building of
roads, railways, power plants and telecommunication networks in the
region.-VNA
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