Officials and members of the China-led AIIB pose for a picture during the recent meeting held in Singapore. (Photo : www.channelnewsasia.com)
Representatives of the 57 prospective founding members of the Asian Infrastructure Investment Bank (AIIB) met this week in Singapore to discuss various key issues that include capital contributions and voting rights of members, the Global Times reported.
In a statement released by Singapore's Ministry of Finance on May 19, Tuesday, the meeting will also discuss the drafting of the Articles of Agreement (AOA) and AIIB governing policies.
Chinese Vice Finance Minister Shi Yaobin said on May 15, Friday, that the AOA is expected to be signed before the end of June.
AIIB was formed to finance major infrastructure projects in Asia, with a total of 57 countries as founding members, including 37 from Asia.
Ma Tieying, an economist with Singapore-based DBS Bank, said that aside from voting rights and contributions, AIIB's founding members would likely discuss other specific issues, such the operating mechanism, organizational structure and manpower, among others.
The report said that China will have the largest share in the bank as experts believe. China is likely to have a 30.85-percent share in the bank, followed by India with 10.4 percent, according to a report on April 28.
The meeting will also discuss the requests of some non-Asian countries to give small shareholders a voice in the institution.
Voting rights is expected to be discussed since rights in other multinational financial institutions such as the IMF and the World Bank have been discussed in the previous meetings.
