Dhaka: Bangladesh on Monday was among the 57 countries to sign the legal framework and management structure for the China-initiated Asian Infrastructure Investment Bank (AIIB).

A special ministerial meeting, chaired by Chinese minister of finance Lou Jiwei, was held on 29 June 2015, following the signing ceremony of the articles of agreement of the AIIB.

Representatives from the Bank’s 57 Prospective Founding Members (PFMs) attended the meeting. Participants were briefed by secretary general of the Multilateral Interim Secretariat on Establishing the AIIB Jin Liqun on the status of preparations for the new Bank, which is expected to be operational by the end of 2015. Meeting participants discussed the secretariat’s work programme for the remainder of 2015, financing arrangements for AIIB’s start-up, and the membership process, and endorsed a process for selecting a President-designate.

Chinese Premier Li Keqiang sent a written message of congratulations to meeting participants.

‘The AIIB grew from the recognition of the importance of infrastructure to the development of Asia and the need for significant additional long-term financing for infrastructure in the region. The Bank, which will be headquartered in Beijing, will initially have an authorised capital stock of $100 billion. Reflecting regional character of the Bank, its regional members will be the majority shareholders, holding approximately 75 per cent of shares. The Bank’s foundation will be built on international best practices and the lessons and experiences of the existing Multilateral Development Banks and the private sector’, said an AIIB press release.

Representatives from 50 of the Bank’s PFMs signed the articles of agreement at the 29 June ceremony. The articles will be open for signing by the remaining PFMs until the end of 2015.

Apart from China and Bangladesh, some of the countries which signed the agreement include Australia, India, Brazil, Cambodia, Finland, France, Germany, Italy, Jordan, Nepal, Netherlands, New Zealand, Norway, Pakistan, Portugal, Republic of Korea, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, and the UK.