Maldives becomes founding member of Asian infrastructure bank
29 Jun 2015, 11:07 PM
The Maldives signed articles of agreement today to establish the China-led Asian Infrastructure Investment Bank (AIIB) as one of 57 prospective founding members.
Finance minister Abdulla Jihad signed the agreement at a ceremony held this morning at the Great Hall of the People in Beijing.
The AIIB was created in October to fund Asian energy, transport and infrastructure projects and rival the Western-dominated World Bank and Asian Development Bank.
Following the signing ceremony, Maldives ambassador to China Mohamed Faisal said the bank will become “an important global financial institution.”
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