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The Sultanate Signs Agreement Establishing Asian Infrastructure Investment Bank.

Beijing, Jun 29 (ONA) ---- The Sultanate represented by the State Reserve Fund (SRF) alongside with representatives of 57 countries signed in Beijing, China today the agreement to establish the Asian Infrastructure Investment Bank (AIIB) with $100 billion authorized capital.

The agreement was signed by Abdul Salam bin Mohammed al- Murshidi, CEO fo the SRF on behalf of the Sultanate's government in the presence of Sheikh Abdullah bin Saleh al- Sa'adi, Sultanate's Ambassador to the People's Republic of China.

The Beijing-based AIIB, which is expected to become operational by the end of this year, will follow the best practices by the multilateral banks and will implement an international governance system. The Bank, thus, will be subject to transparent audit and will have an effective administrative and operational system.

AIIB will closely cooperate with the World Bank and will complement the role played by the Asian Bank for Development in the development of projects. The Bank will also cooperate with the different stakeholders to promote regional investment and cooperation and build constructive partnership to address the challenges facing the development and investment growth in the region.

Last October, the Sultanate, alongside with representatives of 20 Asian countries, has signed the MoU related to the establishment of the Bank. The signing was followed by a number of preparatory meetings to agree on the articles of association of the Bank, which aims at becoming a strong investment arm for the member countries. While a number of European, African and Latin countries responded positively to the call for membership, still the Asian countries control 75% of the shares of the Bank.

Representatives of the Sultanate, Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei Darussalam, Cambodia, China, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Italy, Jordan, Kazakhstan, Kyrgyzstan and the Republic of Lao, Luxembourg, Maldives, Malta, Mongolia, Nepal, the Netherlands, New Zealand, Norway, Pakistan, Portugal, Qatar, Republic of Korea, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Turkey and the United Arab Emirates, United Kingdom, Uzbekistan and Vietnam attended the incorporation agreement signing ceremony.

--- Ends/MS/FS

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Publication:Oman News Agency
Geographic Code:9CHIN
Date:Jun 29, 2015
Words:359
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