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21 countries sign MOU to set up Asian Infrastructure Investment Bank
SINGAPORE and 20 other countries signed the intergovernmental Memorandum of Understanding (MOU) that will establish the Asian Infrastructure Investment Bank (AIIB) in Beijing on Friday.
Singapore was represented by its Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam, who had attended the APEC Finance Ministers' Meeting in the Chinese capital on Oct 21 and Oct 22.
The AIIB will be a multilateral financial institution focused on infrastructure development in Asia. Singapore is playing its part in contributing to regional development though the AIIB, said the Ministry of Finance in a statement on Friday.
After signing the MOU, the signatories will take part in negotiations for the AIIB's Articles of Agreement (AOA). Countries which subsequently sign and ratify the AOA will officially become founding members of the AIIB. The AOA negotiations are expected to be completed by the end of 2015.