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. (

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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