China鈥檚 legislature ratifies AIIB pact
Print Edition
China鈥檚 top legislature yesterday ratified the Asian Infrastructure Investment Bank agreement, which establishes the legal framework for the bank.
Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People鈥檚 Congress Standing Committee. The ratification is a significant step closer to the AIIB鈥檚 formal establishment slated for the end of 2015, as China is the bank鈥檚 largest shareholder.
The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia.
Among the bank鈥檚 57 prospective founding members, 54 had signed the agreement as of last month, and the other three are expected to sign before the end of this year. All prospective members should have their legislatures ratify the agreement before the end of 2016 to formally become founding members.
As long as at least 10 signatories, with capital contribution no less than 50 percent, obtain legislative approval, the agreement will become effective, Minister of Finance Lou Jiwei told lawmakers.
Lou said Myanmar, Singapore and Brunei have received legislative approval, adding that China鈥檚 ratification, with more than 30 percent in capital contribution, is crucial to the bank鈥檚 timely operations.
The 60-article agreement outlines the financial shares of each founding member as well as rules for policy-making, governance structure, and business and operational systems.
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