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Sri+Lanka+to+obtain+formal+membership+of+Asian+Infrastructure+Investment+Bank+subscribing+US%24+268mn
Friday, 22 January 2016 - 16:50
Sri Lanka to obtain formal membership of Asian Infrastructure Investment Bank subscribing US$ 268mn
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The Cabinet has given approval for the government to obtain the formal membership of the Asian Infrastructure Investment Bank through ratification of the required agreement subscribing around 268 million dollars.

Sri Lanka and 56 other countries on June 29, 2015 signed the Articles of Agreement of the China-initiated multilateral bank, Asian Infrastructure Investment Bank.

The main objective of the AIIB is to develop infrastructure and specially to enhance the relationship in the Asian region.

The Bank, which is headquartered in Beijing, will have an authorized capital of US$ 100 billion dollars.

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