Jagran Josh Logo

Luxembourg became the 10th country to ratify AoA of Asian Infrastructure Investment Bank

Dec 10, 2015 15:38 IST

Luxembourg on 8 December 2015 became the 10th country to ratify the Articles of Agreement (AoA) that will lay the legal framework for the China-initiated Asian Infrastructure Investment Bank (AIIB).

Apart from Luxembourg, Australia, Austria, Brunei Darussalam, China, Mongolia, Nepal, New Zealand, Singapore and United Kingdom ratified the 60-article agreement so far.

These 10 countries are among the 57 founder-member countries of the multilateral bank that has its headquarters in the Chinese capital Beijing.

Among the 57 founder-member countries, except the Philippines all other 56 countries have signed the AoA and 46 countries are yet to ratify it.

Earlier, on 29 June 2015, delegates of 50 countries signed the AoA enmasse including India. In India's case, though the Union Cabinet on 18 November 2015 gave its approval for the ratification and submitting of the AoA, formalities in this regard are yet to be completed.

Member countries of AIIB

China, India, Russia, Britain, France, Australia, Germany, Luxembourg, Switzerland, Austria, Singapore, South Korea, Qatar, Oman, Pakistan, Bangladesh, Denmark, Kuwait, Malaysia, Philippines, Holland, South Africa, Thailand, Azerbaijan, Brunei, Cambodia, Egypt, Finland, Georgia, Iceland, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kyrgyzstan, Laos, Maldives, Malta, Mongolia, Myanmar, Nepal, The Netherlands, New Zealand, Norway, Poland, Portugal, Saudi Arabia, Spain, Sri Lanka, Sweden, Tajikistan, Turkey, United Arab Emirates (UAE), Uzbekistan and Vietnam

The number of member countries in the bank is expected to increase to about 70, exceeding the 67-member ADB.

About Asian Infrastructure Investment Bank (AIIB)

• Representatives from 21 Asian countries signed the Memorandum of Understanding on Establishing Asian Infrastructure Investment Bank (AIIB) on 24 October 2014 in Beijing.
• It is designed to finance infrastructure building in Asia and is headquartered in Beijing.
• It is expected to bridge the infrastructure deficit by playing a complimentary role along with other financial institutions like Asian Development Bank (ADB) and the International Monetary Fund (IMF).

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes2 People Agreed
Read more Current Affairs on: Luxembourg , Articles of Agreement , AoA , AIIB , infrastructure

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

Newsletter Signup
Follow us on
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK