The Kazakh Senate ratified the Asian Infrastructure Investment Bank (AIIB) agreement, which sets out the AIIB’s legal framework, local media reported Thursday.
Under the agreement, the registered capital of the bank amounts to $100 billion, divided into one million shares, only open for subscription to members of the bank.
The initial subscribed share capital for Kazakhstan amounts to $729.3 million, according to the Novosti-Kazakhstan news agency.
The AIIB is an international financial institution created by the Chinese government to stimulate growth and attract investment in infrastructure projects in the Asia-Pacific region.
The bank’s charter officially entered into force on December 25, 2015. The AIIB is set to rival the World Bank and Asian Development Bank in the region.