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Founding members of Asian Infrastructure Investment Bank (AIIB) will sign the Articles of Agreement (AOA) in Beijing on June 29, 2015, which marks another important milestone in establishing the AIIB. The AOA will lay a solid foundation for the official establishment and launch of the AIIB by the end of this year.

"The AIIB will be a new multilateral development bank in the 21st century," Lou Jiwei, China's Minister of Finance said in an op-ed in People's Daily on Thursday. He said that the establishment of the AIIB is a win-win move. It is an intergovernmental multilateral development bank aimed at promoting infrastructure construction and connectivity in Asia, deepening regional cooperation, and achieving common development.

Lou Jiwei emphasizes that the AIIB is the first multilateral development bank to be advocated by China. It will fully draw on the experience and practices of existing multilateral development banks, and employ international, normative and high standards in its governance structure, operational policies and human resource management, to ensure sound progress in a professional and efficient operation.

All parties will study and propose infrastructure projects as soon as possible, to be fully prepared once the AIIB is operational.

Moreover, China, as the host country, will continue to carry out high-quality follow-up work when the AIIB is formally headquartered in Beijing and provide reliable and effective support for the establishment and operation of the AIIB.

This article was edited and translated from 《打造二十一世紀新型多邊開發(fā)銀行》, source: People's Daily.