Governments endorse structure of Chinese-led Asian infrastructure investment bank

Associated Press

Envoys of governments that plan to join a proposed Chinese-led regional bank have signed an agreement that outlines its management structure and voting stakes.

Under Monday's agreement, China will have the most votes in the Asian Infrastructure Investment Bank in line with its role as the biggest provider of money for lending.

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A Chinese official told the official Xinhua News Agency that Beijing wasn't seeking a veto and its voting share would decline as other nations contribute more money.

Some 57 governments including India, Australia, Britain and France want to join the AIIB, but not all signed Monday's agreement. The Philippines said it and six other countries that have expressed interest would not sign immediately.