The Statute constitutes the legal basis of the Bank. 57 The potential founding members (PFMs) referred to in Annex A to the Agreement have the right to sign and ratify the Statute and thus become members of the Bank. Other States that are parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members upon approval of their membership by the Bank. [5] NEW DELHI, Aug. 24 (Xinhua) — The Indian government on Monday signed a $500 million agreement with the Asian Infrastructure Investment Bank (AIIB) to improve network capacity, quality of service and security of the S-Bahn system in Mumbai, the capital of Maharashtra, officials said. Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that has set itself the goal of improving economic and social performance in Asia. [4] The Bank currently has 103 members and 21 potential members from around the world. [1] The Bank started its activities after the entry into force of the Agreement on 25 December 2015, following the receipt of ratifications from ten Member States holding a total of 50% of the first subscriptions of the authorised share capital. [5] The articles of the agreement entered into force on December 25, 2015. On 16 January 2016, the Bank`s Board of Governors convened its constituent meeting in Beijing and declared the bank open for business. Jin Liqun was elected President of the Bank for a five-year term. Seventeen States (Australia, Austria, Brunei, China, Georgia, Germany, Jordan, Luxembourg, Mongolia, Myanmar, the Netherlands, New Zealand, Norway, Pakistan, Singapore, South Korea and the United Kingdom), which together hold 50.1% of the initial subscriptions of the Authorized Capital, had deposited the instrument of ratification of the Agreement, which triggered the entry into force and made it all the founding members[37] and the Statutes of the Agreement, the Bank`s Statute has entered into force.

Thirty-five other States subsequently followed and increased to 74% the amount of authorized capital held by the Bank`s 29 members. “The Government of India, the Government of Maharashtra, the Mumbai Railway Vikas (development) Corporation and the Asian Infrastructure Investment Bank (AIIB) today signed a $500 million loan agreement. Dollar Mumbai Urban Transport Project-III aimed at improving the network capacity, quality of service and safety of the S-Bahn system in Mumbai,” reads a statement from the Ministry of Finance. The Government of the People`s Republic of China and the Asian Infrastructure Investment Bank; Having regard to the Statute of the Asian Infrastructure Investment Bank, noting that Article 32 of this Article provides that the seat of the Asian Infrastructure Investment Bank shall be in Beijing, desiring to define the legal status, privileges and immunities for the operation and operation of the Asian Infrastructure Investment Bank in the People`s Republic of China. . . .