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Premier Li addresses founding conference of AIIB council

Updated: Jan 17,2016 1:58 PM

Asian Infrastructure Investment Bank, or AIIB, officially opened on Jan 16 in Beijing. The inaugural meeting of the Board of Governors of the bank was held at the Diaoyutai State Guesthouse. Premier Li Keqiang addressed the meeting.

Representatives of the 57 prospective founding countries gathered in Beijing to witness the opening of investment bank. Premier Li Keqiang addressed the founding conference of the AIIB council in the afternoon.

“The initiative to establish the AIIB has been strongly supported by different countries, meaning that the international community shares a desire for win-win cooperation,” Premier Li said.

“We hope AIIB can learn from the experience of multilateral development institutions and find its own position and characteristics.”

The AIIB is an intergovernmental, multilateral development institution. It has an authorized capital of $100 billion, equivalent to around half that of the World Bank. It will invest in sectors including energy and transportation, in addition to education and healthcare.

At the opening ceremony on the morning of Jan 16, President Xi Jinping has vowed more investment from China.

“In addition to paying the equity capital on time, for the project (we) will also prepare the establishment of a special fund, which will invest $50 million to support the preparation of infrastructure projects in underdeveloped member countries,” he said.

President Xi also promised the bank will deliver effectively on infrastructure projects for developing markets in Asia.

“AIIB, once officially established and working, it will effectively increase infrastructure investment in Asia with the mobilization of resources, particularly in the private sector for infrastructural investment,” he said.

The AIIB will work together with multilateral development banks including the World Bank and the Asian Development Bank to facilitate Asian infrastructure construction and sustainable development.

The series of opening activities will last from Jan 16 to 18.