China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB)، a new international financial institution set to rival the World Bank and Asian Development Bank.
Delegates from 50 countries signed articles of association، determining each member’s share and the bank’s initial capital.
The UK، Germany، Australia and South Korea are among the founding members، lead by China.
Japan and the US، which oppose the AIIB، are the most prominent countries not to join.
The US has questioned the governance standards at the new institution، which it sees as spreading Chinese “soft power”، and tried to persuade others to stay away.
The AIIB، which was created in October by 21 countries، led by China، will fund Asian energy، transport and infrastructure projects.
Maldives has also signed AoA of AIIB today. Minister of Finance، Abdulla Jihad signed on behalf of Maldives government. The signing ceremony was attended by Minister Jihad، Maldives Ambassador in China، Dr. Mohamed Faisal and top official from Finance Ministry.