The Asian Infrastructure Development Bank is expected to go into operation before the end of 2015, according to China’s Ministry of Finance, reports IANS.
The ministry said that the founding nations of the bank were expected to complete negotiations over and subscription of the bank’s charter and regulations before June this year, the IANS said citing a report of the Chinese state-owned news agency Xinhua.
A ministry statement also said that the Maldives had become the latest prospective founding member of the bank after a consensus was reached among the 22 existing members on December 31.
So far, the number of Prospective Founding Members of the AIDB has increased to 23. These are Bangladesh, Brunei, Cambodia, China, India, Indonesia, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, Vietnam, and the Maldives.
The finance ministry said any country interested in the AIDB was welcome to join the bank.
The AIDB, an inter-governmental regional development institution in Asia, has an authorised capital of $100 billion and the initial subscribed capital is expected to be around $50 billion.
According to a memorandum of understanding signed in October 2014, Beijing will be the host city for the AIDB’s headquarters.
-With New Age input
