The Asian Infrastructure Investment Bank (AIIB) agreement has been ratified by China's top legislature today, which establishes the legal framework for the Bank. The ratification is a significant step closer to the AIIB's formal establishment slated for the end of this year, as China is the bank's largest shareholder. The 54 founding members of the bank had already signed the agreement and the remaining three are expected to sign before the end of this year. All prospective members should have their legislatures ratify the agreement before the end of 2016 to formally become founding members. The China-backed US Dollar 100 billion-bank in which India is also a founder member is a multilateral development institution tasked with financing infrastructure development across Asia.