India will hold the second-biggest stake and voting rights in the new Asian Infrastructure Investment Bank (AIIB) that is being spearheaded by China, the Wall Street Journal reported.
While China will be the biggest shareholder, with a holding of around 30 percent, India will own 8 percent, the report cited an unidentified Indian official as saying.
As for voting rights, India will get around 7.5 percent, according to the report.
The shareholdings and voting rights of all 57 founding members of the bank, which is expected to start operations by end of the year, were said to have been finalized recently in Singapore.
The quotas were determined on the basis of the countries’ respective gross domestic products and purchasing power parity, the Journal cited its source as saying.
AIIB, which will finance road, rail, port and other infrastructure projects in Asia, is seen as a rival to the US-dominated World Bank and Japan-led Asian Development Bank.
The authorized capital of the new China-led bank will be US$100 billion.
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