Malta and 56 other countries, including EU member states, have become founding members of the Asian Infrastructure Investment Bank.

The agreement setting up the organisation was signed in Beijing yesterday by Finance Minister Edward Scicluna.

The bank will provide financial support for infrastructure development and regional connectivity in Asia. It will also promote regional cooperation.

The bank has an authorised capital of $100 billion and the subscribed capital is expected to be around $50 billion.

Headquartered in Beijing, the bank will be financing member countries, agencies and enterprises in member territories concerned with the economic development in Asia.

It could also be authorised to provide financing to recipients located outside Asia that contribute to the economic development of the region.

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