AIIB set to open for business this year

Tokyo

THE Asian Infrastructure Investment Bank (AIIB) is finally "signed, sealed and delivered". Its Articles of Agreement were endorsed on Monday by 50 founding member countries, and all that remains now is for the AIIB to finish staffing up and open its doors for business by the end of this year.

Yet while the 34-page document detailed shareholding and voting rights of the 50 founding members (plus those of seven awaiting approval of their legislatures before signing) as well as explained the governance structure of the bank, it had little to say about the AIIB's core mission. "The purpose of the Bank shall be to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors, and to promote regional cooperation and partnership," it said.