AIIB president announces opening of bank in Beijing

Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB) has announced its opening at a press conference in Beijing.

It was the first press conference of the AIIB, a China-initiated multilateral bank, after it became operational on Saturday.

With an authorized capital of 100 billion U.S. dollars, the AIIB prioritises investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics, reports Xinhua.

Jin said that thirty of the 57 prospective founding members have ratified the article agreement, thus becoming full members of the AIIB and the remaining ones will be completing their membership processes by the end of this year.

Jin added that he would try to resolve the membership issues as soon as possible.

The new multilateral financial institution, headquartered in Beijing, was proposed by Chinese President Xi Jinping in 2013 and officially established late last year.