AIIB founding members to meet in Singapore tomorrow

Founding members of China-led AIIB, including India, will hold a three-day meeting here from tomorrow to discuss operational policies for the establishment of the institution.
The gathering called the 5th chief negotiators' meeting will also discuss the draft articles of agreement for the Asian Infrastructure Investment Bank (AIIB), Singapore's Finance Ministry said in a statement today.
The meeting will be co-chaired by Shi Yaobin, vice minister of China's Ministry of Finance, and Yee Ping Yi, deputy secretary of Singapore's Ministry of Finance.
A total of 57 countries have joined AIIB as its founding members.
Countries accepted as AIIB founding members include China, India, Malaysia, Indonesia, Singapore, Saudi Arabia, Brunei, Myanmar, the Philippines, Pakistan, Britain, Australia, Brazil, France, Germany and

Washington had cautioned nations about joining the bank, seen as a rival to the US-dominated World Bank, citing what it called a lack of transparency, doubts about lending and environmental safeguards, and concerns over Beijing's influence.
Beijing said it will not hold veto power inside the AIIB, unlike the World Bank where Washington has a limited veto.
Founder members will initially pay up to one-fifth of the AIIB'S USD 50 billion authorised capital, which will eventually be raised to USD 100 billion, according to reports.