Xi hails signing of AIIB agreement as ‘historic step’

World Today

Chinese President Xi Jinping has hailed the signing of the Asian Infrastructure Investment Bank (AIIB) agreement as a historic step forward in building the China-initiated multilateral institution.

The articles of agreement, signed on Monday in Beijing in the presence of representatives of all 57 prospective founding members, specified each member’s share as well as the bank’s governance structure and policy-making mechanism.

The AIIB will have an authorized capital of $100 billion. Asian and Oceanic countries will contribute up to 75 percent of the total capital. China will hold a stake of over 30 percent and will command more than 25 percent of the votes.

“The signing of the document reveals the commitment of the parties involved in the founding of the AIIB, as well as their solidarity, cooperation, openness, inclusiveness and quest for common development,” said Xi.

The AIIB was first proposed by the Chinese president in 2013. It aims to boost infrastructure development in Asia, interconnectivity and regional cooperation.

“As long as all parties stick to the spirit of multilateral cooperation, we can make the AIIB a new platform to contribute to Asian infrastructure development,” said Xi, adding that China was willing to make its due contribution to world development.

Meanwhile, the Chinese president also sought to allay fears that the AIIB would act as a competitor to institutions such as the World Bank and the Asian Development Bank, arguing that the new bank would rather complement them.

Story by CCTV News