21 countries including Pakistan sign MoU to establish new Asian bank

Asia21 countries including Pakistan sign MoU to establish new Asian bank

21 countries including Pakistan sign MoU to establish new Asian bank

BEIJING, China: As many as 21 Asian countries including Pakistan have signed a memorandum of understanding (MOU) to establish the Asian Infrastructure Investment Bank (AIIB) in Beijing.

   

In this regard, a signing ceremony was held in the Great Hall of the People in the Chinese capital on Friday.

The countries which were among the signatories included Pakistan, Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.

“In China we have a folk saying,” the Chinese President Xi Jinping said after the ceremony. “If you would like to get rich, build roads first, and I believe that is a very vivid description of the very importance of infrastructure to economic development.”

The authorities said that the bank which is anticipated to have an initial capital of $50 billion mostly provided by China, aims to meet the need for the construction of dams, ports, power plants and telecommunications networks in Asia.

The AIIB will be an inter-governmental regional development institution in Asia with Beijing as its headquarters.

The bank will be operative by end of 2015.

Must read

Recent News

Interbank Dollar Rate Today in Pakistan – 20 June 2024

0
Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for June 20,...

Religious Ministry announces Zamzam Water distribution arrangements for pilgrims

0
ISLAMABAD, Pakistan: The Ministry of Religious Affairs and Interfaith Harmony has announced the arrangements for distributing Zamzam Water among pilgrims who are availing the...

USD to PKR: USD Dollar Rate in Pakistan Today – 20 June 2024

0
The US Dollar (USD) was being bought and sold at Rs 277.5 and Rs 280.4 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 20 June 2024

0
On Thursday (June 20, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 241,200.000.It's important to note that gold...
India has reasons to discredit CPEC but why is PTI beating Indian drums?

New Delhi has reasons to discredit CPEC but why is PTI beating Indian drums?

0
Islamabad, Pakistan: A rundown of Indian and US official media regarding the successful visit of the Prime Minister of Pakistan Shahbaz Sharif, and Army...
Advertisement