Representatives of the prospective founding members of the Asian Infrastructure Investment Bank gathered in Beijing for the ceremony and signed the articles that determine each member’s share and the bank’s initial capital.

Australia was the first country to sign the document.

The UK, Germany and South Korea are among the founding members. The US and Japan have refused to join, however, warning that the AIIB could undermine existing multilateral institutions and governance standards.

In a statement, the AIIB said: “The Bank’s foundation will be built on international best practices and the lessons and experiences of existing multilateral development banks and the private sector. It is expected that the AIIB will be operational by the end of 2015.”

The Beijing-based bank, which was established in October, will use a variety of support measures including loans, equity investments and guarantees to boost investment across a range of sectors such as transportations, energy, telecommunication, agriculture and urban development.

AIIB will initially have an authorised capital stock of $100m and will be financed by individual country contributions proportionate to their economic size. Its regional members will be the majority shareholders, holding approximately 75% of shares.

The International Monetary Fund and World Bank earlier this year welcomed the creation of the Beijing-based infrastructure investment bank.