AIIB agrees on text as Japan's aid plan launched

China and other members of the Asian Infrastructure Investment Bank have wrapped up negotiations over the text of the organization's charter, a day after Japan unveiled a plan to provide $110 billion in aid for Asian infrastructure projects.

Fifty-seven member countries agreed on the wording of the bank's articles of association during a three-day meeting in Singapore, China's Finance Ministry said on Friday. The articles will be signed at the end of June and will then be presented to each nation's legislature for approval.

The move came a day after Japanese Prime Minister Shinzo Abe announced a five-year Asian infrastructure investment plan in response to the emergence of the AIIB. Half the funds will be provided by state-affiliated agencies responsible for aid and loans, and the rest will be arranged jointly with the Asian Development Bank.