MOSCOW (Sputnik) – A group of 57 negotiators from potential member state governments in the China-led Asian Infrastructure Investment Bank (AIIB) agreed on a bank charter on Friday, China’s Finance Ministry said in a statement.
According to a statement posted on the ministry’s website, the document is scheduled to be signed in late June.
The announcement came following the conclusion of a three-day meeting in Singapore of envoys of the participating countries.
The China-proposed bank is expected to be launched by the end of 2015. The bank is designed to provide financing for infrastructure projects in the Asian region. According to the memorandum of understanding signed in October 2014 by the founding member states, the bank’s authorized capital will constitute $100 billion.
Together with the BRICS New Development Bank, the AIIB is seen as an alternative to Western-led financial institutions such as the World Bank and the International Monetary Fund.
