Chinese Finance Minister Lou Jiwei (C) signs the articles of the agreement of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, June 29, 2015. (Xinhua/Li Xin)
BEIJING, June 29 (Xinhua) -- The China-led Asian Infrastructure Investment Bank (AIIB) legal framework was signed Monday in Beijing.
The multilateral bank has an authorized capital of $100 billion, 75% of which will come from Asian countries.
China is so far the single largest stakeholder, holding 26% of voting rights. India and Russia are the second and third largest, with 7.5% and 5.9% respectively.
Initial subscriptions to the AIIB by big regional members:
China $29.78bln,
India $8.37bln,
Russia $6.54bln,
Korea $3.74bln,
Australia $3.69bln.
Initial subscriptions by big non-regional members:
Germany $4.48bln,
France $3.38bln,
Brazil$3.18bln,
UK$3.05bln,
Italy$2.57bln.
Once at least 10 prospective members sign the document and the initial subscribed capital is no less than 50% of the authorized, the bank will start operation by year end.
Australia is the first among 57 prospective founding countries to sign the document.
Proposed by Chinese President Xi Jinping in October 2013, the AIIB is expected to bring numerous business opportunities for all members.
