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    The Asian Infrastructure Investment Bank

    Kazakhstan Ratifies Asian Infrastructure Investment Bank Deal

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    The Kazakh Senate ratified the Asian Infrastructure Investment Bank (AIIB) agreement, which sets out the AIIB's legal framework, local media reported Thursday.

    MOSCOW (Sputnik) — Under the agreement, the registered capital of the bank amounts to $100 billion, divided into one million shares, only open for subscription to members of the bank.

    The initial subscribed share capital for Kazakhstan amounts to $729.3 million, according to the Novosti-Kazakhstan news agency.

    The AIIB is an international financial institution created by the Chinese government to stimulate growth and attract investment in infrastructure projects in the Asia-Pacific region.

    The bank's charter officially entered into force on December 25, 2015. The AIIB is set to rival the World Bank and Asian Development Bank in the region.

    Topic:
    US-Chinese Standoff in South China Sea (51)

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    Asian Infrastructure Investment Bank (AIIB), Kazakhstan, China
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