May 22, 2015 / 7:03 AM / 4 years ago

China-backed AIIB expects to be operational by year-end

China's Vice Minister of Finance Shi Yaobin (2nd L) listens to delegates during a break in the Fifth Chief Negotiators' meeting which will discuss draft agreements for the China-backed Asian Infrastructure Investment Bank, in Singapore May 20, 2015. REUTERS/Edgar Su

SINGAPORE (Reuters) - The China-backed Asia Infrastructure Investment Bank said on Friday it expected to be operational by the end of this year, after a three-day meeting of prospective member nations in Singapore.

AIIB said the meeting finalised the Articles of Agreement, which are expected to be ready for signing by the end of June. (bit.ly/1FrydwQ)

China will likely take a 25-30 percent stake in the bank and India is likely to be the second-largest shareholder, delegates attending the meeting said earlier.

Reporting by Rujun Shen; Editing by Raju Gopalakrishnan

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