A bill titled 'The Asian Infrastructure Investment Bank Bill, 2016' was passed in Parliament on Tuesday paving the way for Bangladesh to join the AIIB as its founding member.
State Minister for Finance and Planning Ministry MA Mannan moved the Bill in absence of Minister AMA Muhith. The Bill was passed by voice vote.
As per the law, Bangladesh will have to pay $ 132 million over the next 10 years as capital subscription in installments.
The Bill says that the AIIB is aimed at ensuring a sustainable development in Asia and facing the challenges of development through increasing regional cooperation and partnership among bilateral and multilateral development organisations.
Bangladesh signed a memorandum of understanding (MoU) on October 24, 2014 and Articles of Agreement (AoA) on 25 December for joining this bank. He said Bangladesh has 6,605 approved shares of the bank and each of the shares is valued at $100,000.
China took initiatives for establishing the AIIB with 57 members.