Chinese-backed AIIB to open in mid-January
Print Edition
The Asian Infrastructure Investment Bank will open in mid-January and 12 countries have passed the AIIB鈥檚 operational framework, said the man in charge of preparations for its launch.
The AIIB will meet the opening requirements at the end of December, Chen Huan said.
Under an agreement, the AIIB will be eligible to open after no less than 10 countries鈥 legislatures passed the bank鈥檚 operational framework and their shares shall be no less than half of the total, Chen said.
So far, 12 countries鈥 legislatures have passed the framework, but their shares are below 50 percent of the total. India and Russia, holding relatively larger shares, are expected to finish their legislative procedures in mid-December, Chen said.
China鈥檚 top legislature in early November ratified the AIIB operational framework.
The China-backed multilateral development bank is tasked with financing infrastructure building in Asia.
With authorized capital of US$100 billion, the AIIB will invest in energy, transport, urban construction, logistics, education and health care.
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