Representatives of prospective founders of the Asian Infrastructure Investment Bank (AIIB) prepare to attend the signing ceremony of the articles of agreement of AIIB in Beijing, capital of China, June 29, 2015. (Photo: Xinhua/Li Xin)
Delegates of the 57 prospective founding countries of the Asian Infrastructure Investment Bank (AIIB) on Monday gathered in Beijing for the agreement signing ceremony, which will lay the legal framework for the China-initiated multilateral institution.
The 60-article agreement outlined the financial share of each member, policy making, business and operational systems, and governance structure. The AIIB is designed to finance infrastructure building in Asia.
Australia was first to sign the agreement in the Great Hall of the People.
The AIIB will have authorized capital of 100 billion U.S. dollars. Asian countries will contribute up to 75 percent of the total capital and be allocated a share of the quota based on their economic size.
China, India and Russia are the three largest shareholders, with a voting share of 26.06 percent, 7.5 percent and 5.92 percent, respectively.
China does not seek a veto power in the bank, Vice Finance Minister Shi Yaobin said in an interview with Xinhua, adding that the country's stake and voting share in the initial stage are "natural results" of current rules, and may be diluted as more members join.
The Beijing-headquartered bank will start operation at the end of the year under two preconditions: At least 10 prospective members sign the agreement, and the initial subscribed capital is no less than 50 percent of the authorized capital.
Read more: AIIB to be 'lean, clean and green'
The Asian Infrastructure Investment Bank will ensure that projects it funds are sustainable and environmentally friendly, Jin Liqun, the head of the working group charged with establishing the bank, said on Saturday.
The comment came just two days ahead of representatives of the bank's 57 prospective founding members signing its articles of agreement on Monday.
"The regulations on AIIB lay out a set of environmental criteria for projects it will fund. It will explore a new development model that will try to address the conflict between improving people's livelihood and environmental protection," said Jin, chairman of the Multilateral Interim Secretariat of the AIIB, at a think tank summit in Beijing.
