 "Chinese legislature starts process of ratifying AIIB deal")
China's national legislature will deliberate later this month a proposal concerning the ratification of an agreement on the Asian Infrastructure Investment Bank, in which India and 56 other countries have joined as founding members.
The Asian Infrastructure Investment Bank (AIIB) is a China-advocated multilateral development institution tasked with financing infrastructure construction across Asia.
The National People's Congress (NPC) will deliberate on AIIB agreement at a bimonthly session from October 30 to November 4, state-run Xinhua news agency reported.
The bank will be based in Beijing and will have a capital of USD 100 billion, with USD 20 billion paid initially. It is expected to start operations next year.
The Asian Infrastructure Investment Bank (AIIB) is a China-advocated multilateral development institution tasked with financing infrastructure construction across Asia.
The National People's Congress (NPC) will deliberate on AIIB agreement at a bimonthly session from October 30 to November 4, state-run Xinhua news agency reported.
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The AIIB has been viewed by some as a rival to the Washington-based World Bank and the Manila-based ADB, which has been headed by Japan, its biggest donor, since it was founded in 1966.
The bank will be based in Beijing and will have a capital of USD 100 billion, with USD 20 billion paid initially. It is expected to start operations next year.