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2016-05-08
From May 20 to 22, the 5th Chief Negotiators' Meeting on establishing the Asian Infrastructure Investment Bank (AIIB) was held in Singapore. The meeting was co-chaired by Shi Yaobin, vice minister of Chinese Ministry of Finance and permanent chair of the Chief Negotiators' Meeting and Yee Ping Yi, deputy secretary of Singapore's Ministry of Finance. Chief negotiators from 57 prospective founding members of the AIIB and Jin Liqun, secretary general of the Multilateral Interim Secretariat on Establishing the AIIB attended the meeting. The representative from China's Hong Kong SAR also attended the meeting.
Five rounds of meetings have been held since the signing of Memorandum of Understanding on establishing the AIIB in Beijing in October 2014. After the three-day meeting, all parties have reached agreement on the Articles of Agreement (AOA) and made a decision on signing AOA at the end of June in Beijing. Jin Liqun, secretary general of the Multilateral Interim Secretariat on Establishing the AIIB, reported to the meeting the progress to date in setting up the AIIB. The chief negotiators also discussed the draft Environmental and Social Framework and draft Procurement Policy framework among other topics at the meeting.
According to the work plan of establishing the AIIB, all parties will perform the domestic ratification procedures after signing the Articles. After legal ratification in certain number of countries, the AIIB will be formally established by the end of the year.
From : Ministry of Finance
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