Asian Infrastructure Investment Bank: China holds signing ceremony

Beijing, June 29: The founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) on Monday signed articles that determine each member's share and the bank's initial capital.

The UK, Germany, Australia and South Korea are among the founding members. AIIB set to rival the World Bank and Asian Development Bank, BBC reported.

The AIIB, which was proposed by China in 2013 and created on October 21, 2014 by countries, led by China. It will fund Asian energy, transport and infrastructure projects.

China with a 30.34 percent stake has become the largest shareholder in the AIIB while India will have the second-largest share in the bank, followed by Russia, Germany and South Korea based on their capital subscriptions.

Japan and the US are among top nations who have not joined the AIIB.

AIIB is likely to become operational before the end of the year.

OneIndia News