Egypt signs China-led development bank agreement

Egypt took part in the signing ceremony of an agreement on the establishment of the Asian Infrastructure Investment Bank (AIIB) that will group 57 states.

Egyptian Ambassador here Magdi Amer represented Egypt in the signing ceremony that took place in he Great Hall of the People in Beijing.

China will hold a 30.34 percent stake in the AIIB, making it the largest shareholder in the bank.

The United States and Japan - the world's largest and third-largest economies, respectively - have declined to join the Chinese-led bank that is expected to go into operation later this year.

The Beijing-headquarted bank, with a capital of 50 billion dollars to increase to 100 billion dollars, groups six Arab members, namely Kuwait, Oman, Qatar, Saudi Arabia, Jordan and Egypt.