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China signs agreement to donate $50m to AIIB special fund

Updated: Jun 26,2016 10:05 AM     Xinhua

Finance Minister Lou Jiwei speaks at the opening ceremony of the first Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, June 25, 2016. [Photo/Xinhua]

BEIJING — Finance Minister Lou Jiwei on June 25 signed a donation agreement with AIIB president Jin Liqun, confirming that China will donate $50 million to an AIIB special fund.

This makes China the first donor to AIIB special fund, which will support members with project preparation, Jin said at his opening statement during the bank’s first annual meeting of the board of governors, which began on June 25 morning in Beijing and will last until June 26.

AIIB President Jin Liqun speaks at the opening ceremony of the first Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, June 25, 2016. [Photo/Xinhua]

The AIIB board of directors authorized the setup of a project preparation special fund on June 24. China vowed in January to contribute $50 million to the project preparation special fund.

The AIIB, a China-initiated multilateral bank, was founded on Dec 25, 2015.

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