India with 49 other countries signs agreement on China-led AIIB

Beijing: India, along with 49 other countries, signed an agreement to provide legal framework to the US$ 100 billion multilateral Asian Infrastructure Investment Bank (AIIB), designed to finance infrastructure construction in the continent. The 60 articles of the legal framework specify each member's share as well as governance structure and policy making mechanism of the bank.  China leads with 30.34 per cent stake, followed by India in second place with 8.52 per cent stake. The bank will have an authorised capital of $100 billion, and Asian countries will contribute to up to 75% of the total capital. Each member will be allocated a share of the quota based on their economic size, according to the agreement.

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