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Beijing, Jun 29 : Representatives from 50 founding countries, including India, today signed an agreement that provided the legal framework for the China-led USD 100 billion multilateral Asian Infrastructure Investment Bank (AIIB).

The 60-article agreement specified each member’s share as well as governance structure and policy-making mechanism of the bank, which is designed to finance infrastructure in Asia.

The delegates from 50 founding countries gathered at the Great Hall of the People for the signing ceremony. Australia was the first country to sign the agreement, followed by 49 other members. Seven more countries are due to sign by the end of the year.

The AIIB will have authorised capital of USD 100 billion, and Asian countries will contribute to up to 75 per cent of the total capital. Each member will be allocated a share of the quota based on their economic size, according to the agreement.

The AIIB will be able to help the developing Asian Countries for their infrastructure and development. It is a good development.