China will invest $29.78 billion in ABII

Almaty. June 29. Silkroadnews - China will invest $29.78 billion in ABII and thus will be the largest shareholder of the Bank, receiving 30.34% stake, reports KazTAG citing China Daily.
According to the formula, which calculates the share of potential new members and potential members of the founding, China received 26.06% of the total votes.
75% of the shares are distributed between the countries of the Asian region, while the other 25% are for the countries outside the region. Countries located outside the Asia, with the expansion of the bank will be able to increase its share, but it can not exceed 30%.
According to China Daily, the bank's head office will be located in Beijing, with possible regional centers in other countries. The official working language of the Bank shall be English.
After signing the agreement, the representatives of prospective founding members will have to transfer them to a legal harmonization in their respective countries. The bank will be approved when more than 10 countries with a total share capital of not less than 50% of the authorized capital of the bank will receive the approval of the charter in their legislatures.
As earlier reported, Kazakhstan on Monday signed the Articles of Agreement for the establishment of ABII.
The bank's authorized capital is $100 billion. It is expected that ABII will be operational from 2016.