The Bank, which will be headquartered in Beijing, will initially have an authorized capital stock of $100 billion, said the message published on the website of the bank. Reflecting regional character of the Bank, its regional members will be the majority shareholders, holding approximately 75 percent of shares.
It is expected that the AIIB will be operational by the end of 2015.
The Azerbaijani government officially expressed interest in becoming one of the AIIB founders March 31, 2015. In April, Azerbaijan has been confirmed as one of the countries which joined AIIB.
The Asian Infrastructure Investment Bank is being created as a multilateral development bank that will render financial assistance for more qualitative development of the production infrastructure in Asia.
The objectives of the Asian Infrastructure Investment Bank (AIIB) are to promote the economic development and cooperation in Asia by investing in infrastructure and other productive sectors, which will be considered as appropriate; to develop the regional cooperation and partnership in addressing the tasks in the field of development, to closely cooperate with other multilateral financial institutions.
The investments in infrastructure of developing regional members, including the power engineering, transport and telecommunications, agriculture, water supply, environment, urban planning and other productive sectors will be the priority areas of AIIB funding.
More about:
