China says to hold 30.34% stake in AIIB development bank

China's Finance Minister Lou Jiwei speaks at a signing ceremony of articles of agreement of the Asian Infrastructure Investment Bank (AIIB), at the Great Hall of the People in Beijing, June 29, 2015. 

PHOTO: REUTERS

JUN 29, 201511:15 AM

[BEIJING] China will hold a 30.34 per cent stake in the Asian Infrastructure Investment Bank (AIIB), the Finance Ministry said on Monday, making Beijing the largest shareholder in a bank that is expected to project the country's growing influence.

China will have 26.06 per cent of the voting rights in the bank, a Chinese-led development bank that will rival institutions such as the World Bank.

Countries defined as "within the region" will hold a cominbed 75 per cent stake in the bank, the ministry said in a statement on its website, as delegates from 57 countries gathered in Beijing to witness the signing of the articles of agreement for the bank.

REUTERS