Kazakh President Signs AIIB Ratification Into Law

© Sputnik / Sergey Guneev / Go to the photo bankKazakh President Nursultan Nazarbayev
Kazakh President Nursultan Nazarbayev - Sputnik International
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Kazakh President Nursultan Nazarbayev has passed into law the Asian Infrastructure Investment Bank (AIIB) ratification agreement, his press office said Wednesday.

President of Asian Infrastructure Investment Bank (AIIB) Jin Liqun greets to journalists as he arrives at a news conference in Beijing January 17, 2016 - Sputnik International
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ASTANA (Sputnik) According to the agreement, the Central Asian republic’s initial public offering in AIIB amounts to $729.3 million.

The infrastructure bank’s $100 billion initial capital is divided into a million shares available only to AIIB members, with a nominal value of $100,000 each.

China, Russia and India are the bank’s largest shareholders.

AIIB, which has 57 founding members, is seen as a rival to Western-dominated institutions like the World Bank and the International Monetary Fund.

It officially started operations on January 16.

President Jin Liqun said the bank would begin approving its first loans before the end of 2016.

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