China’s top legislature ratified the $100 bn Asian Infrastructure Investment Bank(AIIB) agreement which establishes the legal framework for the bank.Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People’s Congress (NPC) Standing Committee.
- China being the largest shareholder, the ratification is a significant step closer to the AIIB’s formal establishment slated for the end of 2015.
- AIIB will finance infrastructure projects like the construction of roads, railways, and airports in the Asia-Pacific Region.
Three largest shareholders of AIIB
- China – 26.06 per cent
- India – 7.5 per cent
- Russia – 5.92 per cent
The 60-article agreement outlines the financial shares of each founding member as well as rules for policymaking, governance structure, and business and operational systems.
About AIIB :
- The Asian Infrastructure Investment Bank (AIIB) is a proposed international financial institution which is focused on supporting infrastructure construction in the Asia-Pacific region.
- The bank was proposed as an initiative by the government of Chinaand supported by 37 regional and 20 non-regional members Prospective Founding Members,53 of which have signed the Articles of Agreement that form the legal basis for the proposed bank.
Key points :
- AIIB Headquarters : Beijing
- AIIB President : Jin Liqun
No comments:
Post a Comment