China, India, among founders of Asian Infrastructure Investment Bank

Institution will have an authorised capital of $100 billion

Xi Jinping
Xi Jinping

China and India were among 21 countries that today signed an agreement to establish the Asian Infrastructure Investment Bank (AIIB), an institution designed to support infrastructure projects across Asia, which could reduce the region's dependence on funding from the World Bank and International Monetary Fund (IMF).

The memorandum of understanding was signed in Beijing by the Chinese president, Xi Jinping, and representatives from the 20 other countries, including Singapore.

Singapore's deputy

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