China and other nations in Central Asia will sign a memorandum of understanding (MOU) on the establishment of Asian Infrastructure Investment Bank this fall, news website Tencent Finance reported on Monday, citing Wei Jianguo, deputy chairman of the China Center for International Economic Exchanges.
The bank, which will act as a funding platform for the construction of the “Silk Road economic belt”, will have an initial capital of US$100 billion, 50 percent of it will be funded by governments of member countries, with the remainder coming from private funds, the report said.
In September last year, President Xi Jinping proposed that China and countries in Central Asia join hands in building the Silk Road economic belt to boost regional cooperation and economic integration.
China had held discussions with 22 countries for the launch of the Asian Infrastructure Investment Bank.
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