LOC20:02
17:02 GMT
TOKYO, May 22 (KUNA) -- Negotiators from the 57 prospective founding members of the Asian Infrastructure Investment Bank (AIIB) have reached agreement on the bank's charter, China's Ministry of Finance said on Friday.
The signing of the charger is scheduled for the end of June in Beijing, the ministry said in a statement following the three-day meeting that ended Friday in Singapore, according to the official Xinhua News Agency.
After signing the charter, representatives of prospective founding members will bring the charter back to their countries for legal adoption processes, it said. The bank, which will be headquartered in Beijing, is expected to be officially established at the end of 2015.
Kuwait, Oman and Qatar are among founding members of the bank, which was proposed by China in October 2013.
The AIIB is designed to finance infrastructure construction in the continent. It will have authorized capital of USD 100 billion and the initial subscribed capital is expected to be around USD 50 billion. (end)
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