India signs Articles of Agreement for Establishment of Asian Infrastructure Investment Bank (AIIB)
India today signed the Articles of Agreement for establishment of the Asian Infrastructure Investment Bank (AIIB) at a signing ceremony held at the Great Hall of the People in Beijing. 57 Prospective Founding Member countries gathered for the ceremony today and 50 countries signed the Articles of Agreement. The Articles will remain open for signature for remaining seven countries till December 2015.
Mr. Ashok K Kantha, Ambassador of India to China, led the Indian delegation and signed the Agreement. Following the signing ceremony, the heads of delegations of all 57 countries met with Chinese President Xi Jinping. A Special Ministerial Meeting was also held in the afternoon chaired by Finance Minister of China, Lou Jiwei.
India had signed the Memorandum of Understanding for Establishment of AIIB in October 2014 along with 21 prospective regional founding member countries. India will be the second largest shareholder of the Bank, after China, amongst the 57 Prospective Founding Members that attended the ceremony today.
AIIB will be headquartered in Beijing and is expected to be operational by end 2015 with an initial authorized capital stock of US $100 billion.
29 June 2015