Finance Minister Arun Jaitley will skip the meeting of Finance Ministers of 57 countries to approve setting up of the $100 billion Asian Infrastructure Investment Bank (AIIB) in Beijing on Monday. “The Minister is not be going to China,” a Finance Ministry official said but did not give any reasons for Jaitley skipping the meeting.
Finance Ministers of 57 countries are expected to attend the function to sign an agreement on formation of the AIIB, which is being set up to finance infrastructure construction in the continent. Beijing-based AIIB will have an 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 bank is expected to be officially established by the end of 2015.