Finance Ministers of 57 countries to ink agreement on AIIB on Monday

BEIJING: Finance ministers of 57 prospective founding countries, including India, of the China sponsored Asian Infrastructure Investment Bank ( AIIB), will meet here on Monday to sign an agreement on formation of the financial institution.

Chinese President Xi Jinping will meet with heads of delegations from the prospective founding countries and Premier Li Keqiang will send a written message to the AIIB special finance ministers' meeting, Chinese Foreign Ministry Spokesperson Lu Kang said here.

The meeting is due to take place on June 29. Finance Minister Arun Jaitley is expected to attend the meeting.

The AIIB is designed to finance infrastructure construction in the continent.

Beijing-based AIIB will have a authorised capital of $100 billion and the initial subscribed capital is expected to be around $50 billion.

After signing the agreement, representatives of prospective founding members will take the agreement back to their respective countries for legal adoption processes, the Chinese Finance Ministry said.

The bank is expected to be officially established by the end of 2015.