New Asian investment bank to start operating in January 2016

30 December 2015

The Asian Infrastructure Investment Bank (AIIB) will start operating at the beginning of January 2016, announced the Chinese government, which said it had secured the minimum required starting capital.

The agreement to found the bank, signed last June by 57 countries, stipulated that the institution could start to operate as soon as it was ratified by 10 members and had secured at least half of the initial starting capital of US$50 billion.

China, Singapore, Brunei, Australia, China, Mongolia, Austria, United Kingdom, New Zealand, Luxembourg, South Korea, Georgia, Netherlands, Germany, Norway, Pakistan and Jordan have ratified the institution internally.

The President of the AIIB, Jin Liqun, told Chinese television that the initial purpose of the bank was to finance energy, transport and urban infrastructure projects in Asia.

China, the largest contributor to this bank, has a share and voting rights of 26 percent, India 7.5 percent and Russia 5.9 percent, among other member countries. (macauhub/CN)