Negotiation on establishing AIIB concludes
2015-05-26 08:15:55
newsimage

The Chief Negotiators on establishing Asian Infrastructure Investment Bank (AIIB) concludes negotiations in the 5th round of meetings. The 5th meeting was held on May 20 -22, 2015 in Singapore.

The meeting was chaired by Permanent Chair Mr. SHI Yaobin, Vice Minister of Chinese Ministry of Finance, and Mr. YEE Ping Yi, Deputy Secretary of Singaporean Ministry of Finance. Representatives from 57 prospective founding members attended the meeting.

The meeting concluded discussions and finalized the Articles of Association (AOA) for the AIIB. In the three-day meeting, chief negotiators also discussed the draft Environmental and Social Framework and draft Procurement Policy framework, among other topics. The articles of association of AIIB is expected to be adopted by the end of June. According to interim secretariat of AIIB, the bank would be operational by the end of this year.

On behalf of Maldives, Senior Adviser to Minister of Finance & Treasury Mr. Arif Hilmy and Legal Consultant Mr. Ashraf Rasheed attended the meeting.

The memorandum of understanding on establishing the AIIB was signed in Beijing in October 2014.