CRI听力:Chief Negotiators' Meeting on Establishing AIIB Concludes in Singapore

This is the fifth round of the Chief negotiator's meeting since the signing of the memorandum on establishing the AIIB last October in Beijing.

57 prospective founding member countries attended the meeting. After three days of negotiation, the Articles of Agreement were finalized.

China's vice minister of finance and permanent chair of the Chief Negotiators' Meeting Shi Yaobin says the agreement is expected to be signed by the end of June in Beijing.

"Under the construction plan and schedule of the AIIB, the Articles of Agreement of the bank are expected to be signed by all sides by the end of June in Beijing. After signing and approval, the bank will be founded by the end of this year and be operational as soon as possible."

The chief negotiators at the meeting also discussed the draft Environmental and Social Framework and draft Procurement Policy framework.

According to Shi, GDP will be a key indicator in deciding upon the amount of capital contributed by the bank's founding members.

"We discussed the AIIB charter during the meeting. According to the charter, a planned authorized capital of AIIB is 100 billion dollars will be divided among the founding members, and the contribution ratio of the countries in the region will depend on the proportion of their GDP as compared with the whole of the region."

The comments come on the heels of earlier media reports that say the AIIB will defer to the practice of the International Monetary Fund, that is, allocation will be based on GDP and capital.

Research done by the Korea Institute for International Economic Policy shows that China will be the largest shareholder in the AIIB, with nearly 31 percent of the contribution ratio.

India is in second place with a 10 percent contribution ratio, followed by Indonesia 4 percent.

For CRI, I'm Min Rui.