The 5th Chief Negotiators' Meeting on establishing the Asian Infrastructure Investment Bank ( AIIB) concluded on Friday with agreement on the Articles of Agreement (AOA) and decision on signing AOA at the end of June in Beijing.

Shi Yaobin, vice minister of Chinese Ministry of Finance and permanent chair of the Chief Negotiators' Meeting, told Xinhua after the meeting that the Articles of Agreement has been finalized after discussion by chief negotiators of 57 founding members. Shi said that founding members of AIIB will sign AOA according to the schedule of establishing the AIIB.

"We will establish the AIIB by the end of the year, and start its operation as soon as possible, after legal ratification in certain number of countries," said Shi.

The three-day closed-door meeting was co-chaired by Shi Yaobin and Yee Ping Yi, deputy secretary of Singapore's Ministry of Finance. Jin Liqun, secretary general of the Multilateral Interim Secretariat on Establishing the AIIB, reported to the meeting the progress to date in setting up the AIIB. The representative from China's Hong Kong SAR also attended the meeting.

As for media concerned issues such as equity allocation, Shi said "The planned authorized capital of AIIB is 100 billion US dollars, which will be allocated upon data of GDP for Asian countries. As for countries outside the region, GDP is also an important criterion for allocation."

Shi pointed out that data provided by founding members right now are just upon their intention and allocation will be finalized after legal ratification and approval.

The chief negotiators also discussed the draft Environmental and Social Framework and draft Procurement Policy framework among other topics at the meeting.

Five rounds of meetings have been held since the signing of Memorandum of Understanding on establishing the AIIB in Beijing in October 2014.