A memorandum of understanding on establishing the Asian Infrastructure Investment Bank was signed by its participating countries in Beijing, China, on October 24th.

A total of 22 Asian countries, including Bangladesh, Brunei, Cambodia, India, Indonesia, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the  Republic of the Philippines, Qatar, China, Singapore, Sri Lanka, Thailand, Uzbekistan, and Vietnam, signed the memorandum of understanding (MoU) on establishing the Asian Infrastructure Investment Bank (AIIB).

Ambassador Extraordinary and Plenipotentiary of Mongolia to China, Ts.Sukhbaatar signed the MoU, representing Mongolia.

Regarding the signing of the AIIB memorandum of understanding, China's President Xi Jinping met delegations from its participating countries.

Establishing the Asian Infrastructure Investment Bank is believed to be a significant push forward in regional development, creating a required capital resource for infrastructure development in developing countries, using the most effective ways to spend capital and expand it, as well as reducing capital outflow to foreign countries.

The participating countries agreed to open the headquarters of Asian Infrastructure Investment Bank in Beijing, to start up in 2015.