AIIB Founding Members Sign Legal Framework

By Niam Seet Wei BEIJING, June 29 (Bernama) -- Some 50 prospective founding members of the China-led Asian Infrastructure Investment Bank (AIIB) signed the Articles of Agreement for the entity at the Great Hall of the People here, Monday. The AIIB, mooted by Chinese President Xi Jinping last October, is likely to eventually comprise 57 prospective founding members from five continents, including Malaysia. But Malaysia was among seven countries which did not sign the Articles of Agreement Monday as the internal procedures had yet to be completed. But, the seven are expected to do so by year-end. It is anticipated that the Beijing-headquartered bank, with US$100 billion in authorised capital, will also be formally established by this year. Malaysian Ambassador to China, Zainuddin Yahya was present at the signing ceremony. Speaking to representatives of the 57 prospective founding members, Xi said Monday's signing showed their commitment, which also reflected the spirit of unity, cooperation and inclusiveness. He said the AIIB as proposed by China is aimed at promoting infrastructure interoperability and common development in Asia, with the initiative having received overwhelming response. Xinhua News Agency reported the Articles of Agreement as outlining the financial share of each member, policy making, business and operational systems, and governance structure. The AIIB is designed to finance infrastructure building in Asia. -- BERNAMA