21 Asian nations signed Memorandum of Understanding(MOU) on establishing Asian Infrastructure Investment Bank (AIIB) on Friday. 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 100 billion U.S. dollars and the initial subscribed capital is expected to be around 50 billion dollars. The paid-in ratio will be 20 percent. AIIB will be an inter-governmental regional development institution in Asia. As agreed, Beijing will be the host city for AIIBs 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 2015.
Posted on: Sun, 26 Oct 2014 02:59:21 +0000
Trending Topics
Recently Viewed Topics
© 2015