Photo taken on Dec. 21, 2015 shows the sign of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China. The China-initiated Asian Infrastructure Investment Bank (AIIB), a complement to existing international financial system, was formally established Friday in Beijing and expected to start operation early next year.(Photo: Xinhua/Li Xin)
The China-proposed Asian Infrastructure Investment Bank (AIIB) was formally established Friday. Expectations are high for the new global multilateral financial institution, which will operate in an open, fair and efficient manner, AIIB's president-designate Jin Liqun told Xinhua.
GROWING RECOGNITION
Tasked with financing infrastructure construction across Asia, it took just two years for the bank to develop from an idea on paper to a fully-fledged body with 57 developed and developing nations as prospective founding members.
"The popularity of AIIB stems from its win-win nature as the bank serves to enhance connectivity among Asian countries by supporting infrastructure development. A prosperous Asia will offer huge markets for global enterprises, which are hungry for business opportunities, and will boost international economic growth," said Jin.
The Multilateral Interim Secretariat also did a good job in facilitating the set up of AIIB, with impressive sincerity, democracy and professional expertise throughout, Jin added.
"We made AIIB's principles and missions clear to them to convince them that we will make a real difference," he said.
China,the largest stakeholder, worked with other prospective founding members to nail down the AIIB agreement and other rules in an open, transparent, inclusive and democratic manner, Jin pointed out.
The process of establishing AIIB was also about developing gradual understanding and support of the international community toward the China-backed proposal, according to Jin.
"To earn recognition, we must make things work with convincing action. The establishment process was a good example and a good start for continuous similar practice in AIIB's future operation and management," said Jin.
OPEN AND FAIR
All member countries have signed the AIIB agreement, which outlines the financial share of each founding member as well as rules for policymaking, governance structure, and business and operational systems.
Member countries have to inject a required sum of capital in five batches starting from 30 days after the AIIB agreement takes effect to the end of 2017.
