BD set to sign AIIB final deal

Bangladesh is set to sign the Articles of Agreement (AoA) of the Asian Infrastructure Investment Bank (AIIB) on June 29 in Beijing in which the country is expected to get less than one percent or 0.6729 per cent shares of the China-led giant Bank. Leading a three-member delegation, State Minister for Finance M A Mannan leaves city for Beijing Saturday to sign the ground-breaking agreement going to take place after eight months of the signing the MoU on the proposed multilateral bank. Due to local engagement and the ongoing budget session, Muhith skips the signing. As a founding AIIB member, Bangladesh will have to pay $ 660.50 million as capital subscription as per the Allocation of Capital, said an official at the Economic Relations Division (ERD). The signing will provide Bangladesh the access to huge investment needed for its infrastructure development. The ERD official told UNB that the authorised capital of the proposed AIIB is $ 100 billion where Bangladesh would get its 0.6729 per cent shares based on the GDP (60 per cent) and PPP-GDP (40 per cent). Based on 20 per cent of the paid-in share, Bangladesh would have to pay $ 132.10 million to the Bank in five equal installments over the next five years with $ 26.42 million in each installment. As per that shares, Bangladesh would get a total of 9635 voting rights which is also 0.8348 per cent of the total votes, according to a news agency.