Pakistan signs Articles of Agreement of AIIB

05:40 PM | 29 Jun, 2015
Pakistan signs Articles of Agreement of AIIB
BEIJING (APP) - Signing ceremony of the Article of Association for setting up China-led Asian Infrastructure Investment Bank (AIIB) was held in Beijing on Monday.

Representatives of fifty-seven founding member countries of the bank participated in the ceremony.

Finance Minister Mohammad Ishaq Dar represented Pakistan at the ceremony.

The United Kingdom, Germany, Australia and South Korea are among the founding members.

The bank, which will have billions of dollars to lend, is expected to go into operation later this year.

The Bank aims to narrow down Asia’s infrastructure gaps by providing financing for infrastructure projects in the region.

An inter-ministerial meeting will also be held in Beijing today to discuss important financial and administrative matters about the future working of AIIB.

The Finance Minister will also hold meetings with senior Chinese leadership and discuss different avenues of bilateral economic cooperation, including all important China-Pakistan Economic Corridor.

He will meet heads of China's Exim Bank and Development Bank. The Minister will also have interaction with leaders from other countries attending the AIIB signing ceremony.