Portugal will have a stake of about US$13 million in Asian Infrastructure Investment Bank (BAII), whose framework agreement was signed Tuesday in Beijing, said the Portuguese Secretary of State for Finance.
Manuel Rodrigues also told Portugal’s Lusa news agency that it is “an identical stake” to the one that Portugal has in another bank in the region, the Asian Development Bank (ADS) and will be “carried out over five years.”
The Secretary of State represented Portugal at the signing of the agreement establishing the BAII, held at the Great Hall of the People in Beijing, attended by 50 ambassadors of the 57 founding members of the new bank, including Brazil.
This was the first international development bank proposed by China, almost two years ago, and the Chinese state is also its largest shareholder, with about 30 percent of the US$100 billion dollars stipulated as BAII’s initial capital.
According to the schedule, the BAII should be formally established by the end of the year and will start operating in early 2016.
Proposed in October 2013 by China, the project to create the BAII was formally introduced nine months ago in Beijing with the support of 22 Asian countries, including India, which is the second largest investor, Russia being the third and Germany fourth. (macauhub/BR/CN/PT)