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Submitted By jonginee
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Chinese President Xi Jinping and Premier Li Keqiang announced the AIIB initiative during their respective visits to Southeast Asian countries in October 2013. The Bank was envisaged to promote interconnectivity and economic integration in the region and cooperate with existing multilateral development banks. October, 2014, 22 Asian countries signed a Memorandum of Understanding (MOU) to establish the AIIB and Beijing was selected to host Bank headquarters. Mr. Jin Liqun was appointed as the Secretary General of the Multilateral Interim Secretariat.
The AIIB didn’t attract much attention initially. For a period of time, the U.S. appeared to have put pressure on its allies not to join the bank, although President Obama went to great lengths to dismiss this notion in a joint press conference with Prime Minister Abe of Japan last month. Instead, President Obama stressed the U.S. concerns on the transparency in terms of how this multilateral lending institution is going to operate. Two months ago, heated discussions began when Britain, traditionally the closest ally of the United States, made the decision to join the AIIB. Three European nations–Italy, France and Germany–then followed in Britain’s steps, saying that they would join too.

Discussions among Prospective Founding Members (PFM) on the establishment of AIIB commenced in Kunming, China (27-28 November 2014), with a second meeting in Mumbai, India (15-16 January 2015) that launched discussions of the proposed Articles of Agreement. The third Chief Negotiators' Meeting took place in Almaty, Kazakhstan from 30 to 31, March 2015. It is anticipated the AOA would be finalized and open for signature by PFMs from June 2015. The AOA is expected to enter into force and AIIB to be fully established by the end of 2015. As of April 15, 2015 there are 57 PFMs.
Starting in fall 2013, President Xi Jinping has…...

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