Chinese legislature starts process of ratifying AIIB deal

BEIJING: China's national legislature will deliberate later this month a proposal concerning the ratification of an agreement on the Asian Infrastructure Investment Bank, in which India and 56 other countries have joined as founding members.

The Asian Infrastructure Investment Bank ( AIIB) is a China-advocated multilateral development institution tasked with financing infrastructure construction across Asia.

The National People's Congress (NPC) will deliberate on AIIB agreement at a bimonthly session from October 30 to November 4, state-run Xinhua news agency reported.

The AIIB has been viewed by some as a rival to the Washington-based World Bank and the Manila-based ADB, which has been headed by Japan, its biggest donor, since it was founded in 1966.

The bank will be based in Beijing and will have a capital of US$ 100 billion, with US$ 20 billion paid initially. It is expected to start operations next year.