The Chinese-lead Asian Investment Infrastructure Bank will conduct a signing ceremony for its founding in Beijing on June 29. In total 57 member countries’ head officials will attend the ceremony. China will shoulder the largest portion of the 100 billion USD of investment capital, representing 30%. After the signing ceremony is finished, the AIIB plans to begin its operations before the close of the year.

The AIIB’s headquarters will be located in Beijing with a Chinese national as its president. It will have a non-resident board of directors consisting of 12 people under the authority of the president. The flexibility of this organizational structure will allow China to have a much greater decision making power in deciding the recipients of loans and their conditions.

Despite the U.S. and Japan temporarily declining to enter, a host of European nations like Britain, Germany, and others have already entered the framework, as well as U.S. allies like South Korea and Australia.

Source: news.ifeng.com

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Keywords: 100 billion USD AIIB Asian Infrastructure Investment Bank