India along with 49 Prospective Founding Members
(PFMs) on Monday August 31,2015 signed the Articles of Agreement for the formation of
the Asian Infrastructure Investment Bank (AIIB)
The remaining seven
founding members can sign the agreement till December 2015
The
signing ceremony took place in Beijing at the Great Hall of the People.
The AIIB is expected to focus on the infrastructure development in
Asia, and unlike the existing International Monetary Fund (IMF) and
World Bank, is unlikely to restrict lending on political considerations.
Following
the Signing Ceremony, China’s President Xi Jinping welcomed the Heads
of Delegations from the Bank’s 57 Prospective Founding Members.
A
Special Ministerial Meeting was also held in the afternoon chaired by
Finance Minister of China, Lou Jiwei.
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