SINGAPORE - The much anticipated Asian Infrastructure Investment Bank (AIIB) is set to be operational by the end of this year. This was confirmed after the latest chief negotiators' meeting held in Singapore between May 20 and 22.

Participants at the three-day meeting had finalised AIIB's articles of agreement, which can be ready for signing by the end of June. They also discussed the draft for the bank's environmental and social framework as well as procurement policies.

The AIIB is the result of a China-led effort since last year to set up an international financial institution to fund infrastructure developments in Asia. So far 57 countries, including Singapore, have joined the AIIB as prospective founding members.

The latest meeting was the fifth so far following the signing of a memorandum of understanding for AIIB's formation in October 2014. Among the participants was Mr Shi Yaobin, China's vice-finance minister.