Armco Metals: News Around the Industry
Chronology of Asian Infrastructure Investment Bank
BEIJING - The March 31 deadline for countries to apply to become founding members of the Asian Infrastructure Investment Bank (AIIB) has arrived.
The AIIB is an international financial institution proposed by China, aiming to support infrastructure projects in Asia. The bank is an open organization and all economies are welcome to join.
Countries and regions will still be able to join after the deadline, but only as common members.
The Memorandum of Understanding on Establishing the AIIB specified that its authorized capital is $100 billion and the initial capital will be around $50 billion. The paid-in ratio will be 20 percent. As agreed, Beijing will host the AIIB's headquarters.
It is expected that the AIIB will be formally established by the end of 2015, after the prospective founding members have signed and ratified the Articles of Agreement.
The total number of prospective founding members increased to 30 when Switzerland and Britain were formally accepted on Saturday. The 30 are: Bangladesh, Britain, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, Vietnam, Indonesia, Jordan, Luxemburg, the Maldives, New Zealand, Saudi Arabia, Switzerland and Tajikistan.
Sixteen applying countries are still waiting to be accepted, a process which requires the approval of all the existing prospective founding members. The applying countries are: France, Germany, Italy, Austria, Turkey, Republic of Korea, Brazil, Russia, The Netherlands, Georgia, Denmark, Australia, Egypt, Finland, Kyrgyzstan and Sweden.
Here is a chronology on the AIIB:
October 2013 - President Xi Jinping proposed establishing the AIIB to finance infrastructure construction and promote regional interconnectivity and economic integration in his speech at the Indonesian parliament.
October 24, 2014 - Twenty-one Asian countries willing to join the AIIB as founding members signed in Beijing a Memorandum of Understanding (MOU) on establishing AIIB. The 21 countries are Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.
November 27, 2014 - Indonesian Finance Minister Bambang Brodjonegoro signed in Jakarta a MOU to join the AIIB as a prospective founding member on Tuesday.
January 2015 - The number of AIIB prospective founding members rose to 26 after Indonesia, New Zealand, Maldives, Saudi Arabia and Tajikistan officially joined.
March 12, 2015 - Britain applied to join the AIIB as a prospective founding member.
March 17, 2015 - China welcomed the decisions made by France, Italy and Germany to apply to join the AIIB.
March 19, 2015 - China welcomed the decision made by Luxembourg to apply to join the AIIB.
March 20, 2015 - China welcomed Switzerland's decision to apply to join the AIIB.
March 24, 2015 - Chinese Premier Li Keqiang reaffirmed cooperation between the AIIB and existing financial institutions. The AIIB will take an open and inclusive attitude and be complementary to existing development banks, said Li at a meeting with the president of the Asian Development Bank (ADB) Takehiko Nakao. The AIIB will strengthen the region's communication, social and economic development, Li said. Nakao said the ADB was ready to cooperate with the AIIB.
March 26, 2015 - Turkey applied to join the AIIB as a prospective founding member. Should the other founding members approve Turkey's application, it will formally become a founding member on April 10.
March 27, 2015 - China welcomed the decisions of Austria and the Republic of Korea to apply to join the AIIB. Both countries will become prospective founding members on April 11 if other members approve.
March 28, 2015 - Russian First Deputy Prime Minister Shuvalov said Russia decided to join the AIIB. He made the announcement at the 2015 annual conference of the Boao Forum for Asia in the coastal town of China's southern island province of Hainan.
March 28, 2015 - China welcomed the decisions of Brazil, the Netherlands and Georgia to apply to join the AIIB. They will become prospective founding members on April 12 if other members approve.
March 28, 2015 - In the keynote speech "Towards a Community of Common Destiny and A New Future for Asia" given by Xi on March 28 at the Boao Forum for Asia Annual Conference 2015, Xi said that "We will vigorously promote a system of regional financial cooperation, explore a platform for exchanges and cooperation among Asian financial institutions, and advance complementary and coordinated development between the AIIB and such multilateral financial institutions as the Asian Development Bank and the World Bank."
The "Belt and Road" and the AIIB are both open initiatives. We welcome all countries along the routes and in Asia, as well as our friends and partners around the world, to take an active part in these endeavors.
March 29, 2015 - China welcomed the decisions of Denmark and Australia to apply to join the AIIB. Denmark filed its application letter on March 28, while Australia followed on March 29. Should all existing members approve the applications, Denmark will become a prospective founding member of the AIIB on April 12 and Australia on April 13.
March 30, 2015 - China welcomed the decisions of Egypt and Finland to apply to join the AIIB. Should all existing members approve the applications, Egypt will become a prospective founding member of the AIIB on April 14 and Finland on April 12.
March 31, 2015 - China welcomed the decisions of Kyrgyzstan and Sweden to apply to join the AIIB. Kyrgyzstan will become a prospective founding member on April 9 if other members approve and Sweden on April 15.
March 31, 2015 - Taiwan submitted a letter of intent on joining the AIIB proposed by the Chinese mainland. The island's last-minute application, signed by the island's finance chief Sheng-Ford Chang, was faxed to the Multilateral Interim Secretariat for the AIIB, according to a statement shown by the island's finance and mainland affairs authorities.