The Asian Infrastructure Investment Bank is one step closer to coming into being. Its founding members just signed a formal charter agreement in Beijing. Speaking to representatives from over 57 countries, Chinese Finance Minister Lou Jiwei said he was confident the bank will open on schedule.

"This is an important initiative proposed by China, to take up more international responsibilites for economic development in Asia and the world, and to promote mutual benefit and common development of all parties," Lou said.

Founding members signed the Articles of Agreement which set out each member's shares and the initial capital. The bank will have an authorized capital of 100 billion US dollars and the initial subscribed capital is expected to be around US$ 50 billion.

The bank is one of a series of initiatives by China to expand trade links with Asian neighbours and developing countries in Africa and Latin America.

The multilateral institution, seen as a rival to the Western dominated World Bank and Asian Development Bank, was initially opposed by the US, but attracted some of its close allies including Britain, Germany and Australia.  It will be headquartered in Beijing and is expected to be officially established at the end of this year.