China will hold 30.34 percent of shares in the new Asian Infrastructure Investment Bank (AIIB), said the Chinese Ministry of Finance. It will make Beijing the largest shareholder in the recently announced multilateral institution.

Delegates from 50 countries proposed as founders of the new lender – including Portugal and Brazil – gathered in Beijing on Monday and signed articles of agreement that create the legal framework of the bank. Seven of the 57 prospective founding members, including Denmark and the Philippines, did not sign the agreement, as they are yet to gain domestic approval for the move, news agency Reuters reported.

According to the agreement, China, the biggest shareholder, will subscribe to US$29.78-billion shares of the lender, or 30.34 percent of the total, giving China 26.06 percent of voting rights in the bank. This allows Beijing to have veto power over major decisions, which require at least 75 percent support from the members.

Brazil will become the ninth-biggest shareholder of the bank with a 3.24-percent stake, or US$3.18 billion shares. Portugal will hold 0.07 percent – or US$65 million – of the bank’s shares.

The AIIB will complement established international development and financial institutions, Chinese President Xi Jinping stressed in the signing ceremony on Monday.

Mr Xi proposed the AIIB initiative in 2013 to create a new funding channel for infrastructure investments for Asia.

Portugal’s Secretary of State for Finance, Manuel Rodrigues, told Portuguese news agency Lusa it “is particularly important” for Portugal to have access to the lender, as it “opens more opportunities” for the countries’ companies, as well as strengthening Portugal’s relations with China.

The Chinese Ministry of Finance said the AIIB – with an authorised capital of US$100 billion – would launch by the end of this year.