China's top legislature on Friday began deliberating the ratification of the Asian Infrastructure Investment Bank (AIIB) agreement.

The China-advocated multilateral development institution is tasked with financing infrastructure construction across Asia. The 60-article agreement discussed by the legislature outlines the financial share of each founding member as well as rules on policymaking, governance structure, and business and operational systems.

AIIB will promote the sustainable development of the Asian economy, create wealth and improve infrastructure connectivity, Finance Minister Lou Jiwei said while briefing lawmakers at the opening of the five-day bimonthly session of the National People's Congress Standing Committee.

The bank will cooperate with other multilateral and bilateral development organizations to promote regional cooperation and partnership and deal with challenges, Lou .

The AIIB shows that China is committed to establishing an open, just and transparent international economic governance system, and it will provide a new platform for cooperation among member states, he said.

All 57 members of the bank must ratify the agreement by Dec. 31, 2016, to become founding members of the bank.

With authorized capital of 100 billion US dollars, the bank will invest in sectors like energy, transportation, urban construction and logistics as well as education and health care.

Asian members' contribution of capital is three times that of non-Asian members, Lou said.

Based on the capital contribution, China hold a voting stake of around 26 percent, the highest among all members, he said. A new members join, all founding members' shares and voting stake will be "gradually diluted," he explained.

Lou said Jin Liqun, president-designate of the institution and head of the working group to establish the AIIB, will be formally elected AIIB president at the first board of directors' meeting, slated for after the formal establishment of the bank.

Jin has held positions with the World Bank and the Asian Development Bank.