Arun Jaitley to skip FMs meet to sign agreement on AIIB in Beijing

Finance Minister Arun Jaitley will skip the meeting of Finance Ministers of 57 countries to approve setting up of US $100 billion Asian Infrastructure Investment Bank (AIIB) in Beijing on Monday.

"The Minister is not be going to China," a Finance Ministry official said.

The official, however, did not give any reasons for Jaitley skipping the meeting but it may be because of pressing domestic issues.

The NDA government is under pressure on account of the allegations made against senior BJP functionaries, including Rajasthan Chief Minister Vasundhara Raje, External Affairs Minister Sushma Swaraj and others.

Finance Ministers of about 57 countries are expected to attend the function to sign an agreement on formation of the AIIB, which is set up to finance infrastructure construction in the continent.

Beijing-based AIIB will have an authorised capital of US $100 billion and the initial subscribed capital is expected to be around US $50 billion.

After signing the agreement, representatives of prospective founding members will take the agreement back to their respective countries for legal adoption processes, the Chinese Finance Ministry had said in Beijing earlier in the week.

The bank is expected to be officially established by the end of 2015.