SINGAPORE, May 22 -- Founding members of Asian Infrastructure Investment Bank (AIIB) finalized the Articles of Agreement (AOA) after a three-day meeting in Singapore, according to news release by China's Ministry of Finance on Friday.

The 5th Chief Negotiators' Meeting on establishing the AIIB was held from Wednesday to Friday. The close-door meeting was co- chaired by Shi Yaobin, vice minister of Chinese Ministry of Finance and permanent chair of the Chief Negotiators' Meeting, and Yee Ping Yi, deputy secretary of Singapore's Ministry of Finance.

Jin Liqun, secretary general of the Multilateral Interim Secretariat on Establishing the AIIB, reported to the meeting the progress to date in setting up the AIIB. The chief negotiators also discussed the draft Environmental and Social Framework and draft Procurement Policy framework, among other topics during the meeting.

Chief negotiators have held five rounds of meetings since the signing of Memorandum of Understanding on establishing the AIIB in Beijing in October 2014. It is expected that the AOA would be ready for signing by the end of June and the AIIB would be operational by the end of this year.