Where: Beijing, China
What: Became the 10th country to ratify AoA of AIIB
When: 8 December 2015
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. 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).