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Bangladesh will sign deal to join China-led AIIB on Jun 28
Bangladesh will sign an agreement on June 28 to join the Asian Infrastructure Investment Bank (AIIB), an international financial institution proposed by China.
Published : 21 June 2015, 07:33 PM
Updated : 21 June 2015, 07:33 PM
State Minister for Finance and Planning MA Manna will sign the agreement in Beijing on behalf of Bangladesh to be a founder member of the bank, which is regarded by some as a rival to the World Bank.
Economic Relations Division (ERD) Deputy Secretary AKM Matiur Rahman told bdnews24.com that a delegation led by the junior minister would leave Dhaka for Beijing on Jun 27 for the agreement signing.
Finance ministry officials said Finance Minister Abul Maal Abdul Muhith was supposed to go to Beijing but skipped the visit due to busy schedule over the new budget.
According to AIIB Article of Agreement, the authorised capital of the bank has been fixed at Tk $100 billion of which Bangladesh will pay $665 million for 0.67 percent stake.
With the fund, Bangladesh will earn 9,635 votes, 0.83 percent of the total votes.
The Chinese government alone will provide half of the $100 billion paid-up capital.
Chinese President Xi Jinping announced the establishment of the bank during the Asia Pacific Economic Co-operation Summit last year.
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