Indian Government Approves Ratification of AIIB Articles of Agreement

The Indian Cabinet Ministers have approved the ratification of the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), the Indian Finance Ministry said in a statement Wednesday.

NEW DELHI (Sputnik) — On Tuesday, the Russian government approved the draft law on ratification of the AIIB Articles of Agreement.

"India is one of the major potential borrowers of AIIB resources. India is the second largest AIIB participant after China. We expect that with India's participation, AIIB will be able to get more resources for the necessary infrastructure development," the statement read.

The AIIB, an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region, was created in October 2014 and currently has 57 founding members.