<div>Founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) will hold a three-day meeting in Singapore this week to discuss operational policies for the establishment of the institution.</div><div> </div><div>The gathering, called the 5th chief negotiators' meeting, will also discuss the draft articles of agreement for the AIIB in Singapore from Wednesday to Friday, a Singapore Ministry of Finance statement said on Tuesday.</div><div> </div><div>The meeting will be co-chaired by Shi Yaobin, vice minister of China's Ministry of Finance, and Yee Ping Yi, deputy secretary of Singapore's Ministry of Finance.</div><div> </div><div>A total of 57 countries have joined AIIB as its founding members, China has said, throwing together countries as diverse as Iran, Israel, Britain and Laos.</div><div> </div><div>Among the Group of Seven (G7) industrialized countries, the United States, Japan and Canada remain absentees.</div><div> </div><div>Washington had cautioned nations about joining the bank, seen as a rival to the U.S.-dominated World Bank, citing what it called a lack of transparency, doubts about lending and environmental safeguards, and concerns over Beijing's influence.</div><div> </div><div>Beijing says it will not hold veto power inside the AIIB, unlike the World Bank where Washington has a limited veto.</div><div> </div><div>Founder members will initially pay up to one-fifth of the AIIB'S $50 billion authorised capital, which will eventually be raised to $100 billion.</div><div> </div><div>(Reuters)</div>
