AIIB agreement to be signed next week

BEIJING - Representatives of the 57 prospective founding countries of the Asian Infrastructure Investment Bank (AIIB) will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said according to Xinhua.

The AIIB is designed to finance infrastructure construction in the continent. It will have authorized capital of 100 billion U.S. dollars and the initial subscribed capital is expected to be around 50 billion dollars.

The bank, which will be headquartered in Beijing, is expected to be officially established at the end of 2015.

Chinese President Xi Jinping will meet with heads of delegations from founding countries, Xinhua reported spokesman Lu Kang as saying on Thursday.