Xi launches Asian Infrastructure Investment Bank

Jin Liqun, the bank’s first president, said at the opening ceremony that the AIIB is meant to materially improve the economies and societies in the region.

Finance Minister Ishaq Dar on Saturday said Pakistan would recommend Asian Infrastructure Investment Bank (AIIB) to select hydropower and other water sector projects for financing in the first batch of projects.

October – President Xi proposes the AIIB as an institution that will finance infrastructure construction and promote regional connections and economic integration in his speech at the Indonesian House of Representatives in Jakarta.

By mid-year, the agreement had been signed by 50 founding members in the financial organization.

The United States and Japan, respectively the world s largest and third-largest economies and the principal shareholders in the ADB, have both declined to join the AIIB, part of an initiative by China to expand its financial clout in Asia, amid concerns over the new bank s governance.

The AIIB is headquartered in Beijing and its lean structure will be overseen by an unpaid, non-resident board of directors which, architects say, would save it money and friction in decision-making. The share of Asian countries should not exceed 75%, while members from other regions make up 25% of the capital.

Premier Li Keqiang is scheduled to address the founding conference of the AIIB council in the afternoon.

The AIIB – that had been formally established on last December – was launched in a lavish ceremony led by China’s Chinese President Xi Jinping.

June 29 – Delegates of the 57 countries attend the signing ceremony of the articles of agreement.

“The founding and inauguration of the AIIB will effectively boost investment to support infrastructure development in Asia”, Xi said.

We owe the above-mentioned progress and achievements to the strong dedication and collaboration of all AIIB members, who have impressed us with their open mind for inclusiveness, their determination to seek practical results through common development, as well as their crave for professional excellence as seen in the high standard and efficient operation of the AIIB.