The China-initiated Asian Infrastructure Investment Bank (AIIB) took a historic step forward on Monday with the signing of a framework for the current 57-member institution.
The bank will have authorized capital of $100 billion, with China contributing to $29.78 billion and owning 26.06 percent of the votes, according to the agreement.
India and Russia are the second- and third-largest shareholders.
The AIIB, proposed by President Xi Jinping in 2013, is the first major multilateral lender with developing countries holding the majority of the shares and votes.
The signing wrapped up six months of intense behind-the-scenes negotiations and paved the way for establishing the bank before the end of this year.
Here are the top 10 shareholders among the bank's members.
10. United Kingdom
Non-regional member
Capital subscription: $3.05 billion
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Big Ben, Houses of Parliament and Westminster Bridge viewed from across the River Thames, London Nov 6, 2014. [Photo/IC] |
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