China expected Asian Infrastructure Investment Bank (AIIB) will be operational before the end of 2015, the Chinese Finance Ministry says.
Finance Minister Sommai Phasee (right) signed an agreement on the establishment of Asian Infrastructure Investment Bank during the 21st Apec Finance Ministers’ Meeting in Beijing on Oct 22, 2014. (Finance Ministry photo)
The China Daily quoted the ministry's statement as saying the bank could begin operating after all prospective founding members agreed in June on the rules and regulations of the bank, to be headquartered in Beijing, it added.
Initiated by China, the bank will fund infrastructure projects in Asia and is seen as another attempt of Beijing to exert its influence in the region.
It has 23 prospective founding members, including Thailand and other members of the Association of Southeast Asian Nations. Thailand signed an agreement to join the bank in October last year.
With start-up capital of US$50 billion, AIIB is seen as a rival to Asian Development Bank as the two are gearing up for the same purpose.