Beijing, Oct 24 (IANS): Twenty-one Asian countries including India, ready to join the Asian Infrastructure Investment Bank (AIIB) as founding members, Friday signed a MoU on establishing the bank.
Chinese President Xi Jinping met representatives of the 21 countries, Xinhua reported.
The countries are India, Bangladesh, Brunei, Cambodia, China, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.
The memorandum of understanding specifies that the authorised capital of AIIB is $100 billion and the initial subscribed capital is expected to be around $50 billion. The paid-in ratio will be 20 percent.
AIIB will be an inter-governmental regional development institution in Asia. As agreed, Beijing will be the host city for AIIB's headquarters.
It is expected that the AIIB will be formally established by the end of 2015.