Beijing is proposing to include non-Asian countries on the board of the Asian Infrastructure Investment Bank in a move interpreted by some nations as giving small shareholders a voice in the institution, the Philippines' finance chief said yesterday. The AIIB's planned governance mechanism includes a provision that prevents any country from having more than one seat on the 12-member directors board, Cesar Purisima said. His comments came as founding members of the Beijing-backed bank began a three-day meeting in Singapore to discuss operational policies and other issues for setting up the institution. "There is a provision splitting the 12 members into nine regional and three non-regional," Purisima said. "That helps the smaller countries. I'm seeing features that make it more inclusive." China says it will not hold veto power in the AIIB, unlike the World Bank where the United States has a limited veto. Founding members will initially pay up to one-fifth of the AIIB'S US$50 billion authorised capital, which will eventually be raised to US$100 billion. READ MORE: Germany to have director on China-initiated AIIB bank's board, says envoy Peter Garber, a senior adviser in Deutsche Bank's global markets research, said a multilateral bank may help overcome governance problems China has faced on some bilateral loans. But competition from multilateral institutions and other bilateral lenders such as Japan could be a challenge. AIIB "is starting up in a world [with] lots of suppliers of capital, as we see with the sudden entry of Japan, so it may not be so easy to find projects," Garber said. Apart from the World Bank and the Asian Development Bank, plans are also underway for a development bank by the BRICS countries - Brazil, Russia, India, China and South Africa. Japan's Jiji Press on Tuesday said Tokyo would announce a US$100 billion plan to invest in roads, bridges, railways and other projects in Asia.