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AIIB charter to be signed in June

Representatives from the 57 prospective founding members of the Asian Infrastructure Investment Bank (AIIB) have finished their fourth round of talks in Beijing.

The session on April 27 marked the first time that all of the prospective founding members participated in the discussions, indicating a new stage in the establishment of the AIIB. The latest round of talks focused on the drafting of the AIIB’s charter.

Chinese Vice-Finance Minister Shi Yaobin said earlier that a draft has been finished and members have reached agreement on many issues. Another meeting is expected to be held before the end of May, and the charter will be finalized and signed in June.

“After being signed in June, the charter will be taken home by prospective founding members to go through the legal approval procedure. After a certain number of members agreed to or approved the charter, the AIIB can be established as a legal bank. We plan to finish this process before the end of 2015, and try to put the bank into operation by the year-end,” Shi said.