China-backed AIIB to start operations on Jan 16

China today said the Asian Infrastructure Investment Bank (AIIB), sponsored by Beijing in which India and 56 countries joined as founding members, will be opened here on January 16.
Chinese President Xi Jinping and Premier Li Keqiang will attend activities marking the opening of the Beijing-based USD 100 billion-AIIB, Chinese Foreign Ministry spokesperson Hua Chunying announced here.
Xi will attend and address the inauguration ceremony in the morning of January 16 while Li will address the founding conference of the AIIB council in the afternoon, Hua said.
Opening activities will last from January 16 to 18.
The China-initiated development bank was formally established in Beijing on December 25.

The bank, headquartered in Beijing, now has 57 members and is seen as potential rival to the World Bank and Asian Development Bank.

A senior official of India was expected to attend the AIIB opening ceremony, Indian officials here said.
With authorised capital of USD 100 billion and subscribed capital of USD 50 billion, AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.
China, India and Russia are the three largest shareholders, taking a 30.34 per cent, 8.52 per cent, 6.66 per cent stake, respectively, in the newly-formed bank.
Their voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent.

Based on the share holding, India is expected to get the post of the Vice President.
China has already nominated its former Finance Minister Jin Liqun as the first President of the Bank, which is addition to the BRICS Development Bank headed by eminent Indian banker K V Kamath.