India and 49 other founding countries, have signed an agreement which provides a legal framework for the China-led ‘100 Billion’ US Dollar, Asian Infrastructure Investment Bank (AIIB).
The 60-article agreement specified each member’s share as well as governance structure and policy-making mechanism of the bank, which is designed to finance infrastructure in Asia.
The delegates from over 50 founding countries gathered at the Great Hall of the People in Beijing for the signing ceremony yesterday.
Seven more countries are due to sign by the end of the year.(ANI)