Business / Economy

Switzerland completes AIIB membership

(Xinhua) Updated: 2016-04-26 08:08

GENEVA - Switzerland became on Monday a ratifying adherent of the China-sponsored Asian Infrastructure Investment Bank (AIIB), making the confederation the 37th country to complete the membership process.

Having submitted its ratification document, Switzerland will now be able to fully participate on the board of governors and have access to the bank's board of directors.

The country will also be entitled to have its say in the institution building process of the bank.

The confederation's stake in the bank's $100 billion capital stock will amount to a total of $706,4 million, to be paid in five annual installments.

Switzerland's voting power (0.8745 percent) will yield more clout than its financial input through the country's basic and founding member votes.

The Swiss Federal Council has nominated federal councillors Johann N. Schneider-Ammann and Didier Burkhalter in the capacity of governor and alternate governor of the bank.

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