Sri Lanka signs articles of agreement for Asian Infrastructure Investment Bank

Asian-Infrastructure-Investment-Bank

June 29, 2015 (LBO) – Sri Lanka on Monday signed the articles of agreement for the China led Asian Infrastructure Investment Bank which is expected to be operational by the year end.

Representatives from 57 prospective founding members of the Asian Infrastructure Investment Bank including Sri Lanka gathered on 29 June 2015 in Beijing at a signing ceremony at the Great Hall of the People.

Following the Signing Ceremony, China’s President Xi Jinping welcomed the heads of delegations from the bank’s 57 prospective founding members.

The bank, which will be headquartered in Beijing, will initially have an authorized capital stock of 100 billion US dollars.

Reflecting regional character of the Bank, its regional members will be the majority shareholders, holding approximately 75 percent of shares.

“The Bank’s foundation will be built on international best practices and the lessons and experiences of existing Multilateral Development Banks and the private sector.” the bank said in a statement.

After the signing of a MOU on establishing the bank in October 2014 discussions charter culminating in the adoption of the final text of the bank’s articles of agreement by the 5th chief negotiators’ meeting in Singapore on 22 May 2015.

50 prospective founding members signed the articles, including:

Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei Darussalam, Cambodia, China, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Republic of Korea, Kyrgyz Republic, Lao PDR, Luxembourg, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Portugal, Qatar, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Turkey, the United Arab Emirates, the United Kingdom, Uzbekistan, and Vietnam.