Finance Minister Ishaq Dar would be visiting China from June 28-30 to sign an article of agreement for the Asian Infrastructure Investment Bank (AIIB), it was learnt. Sources said Pakistan would be represented by the Finance Minister and the signing ceremony would be followed by a Special Ministerial Meeting Preparation on June 28.
The Finance Minister would also hold meetings with Chairman Exim Bank, China Development Bank (CDB) and Chinese officials of Ministry of Finance during his two-day visit. Asian Infrastructure Investment Bank (AIIB), created with the backing of 21 countries including Pakistan was launched in October 2014. Funded by an initial paid-up capital of $50 billion and an authorised capital of $100 billion, the main thrust of this new bank would be to finance infrastructure building throughout Asia. As outlined in the Memorandum of Understanding, the paid-in ratio would be 20% and Beijing would host the headquarters of the bank.