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China: Asian Infrastructure Investment Bank opens for business02:07

China: Asian Infrastructure Investment Bank opens for business

China, Beijing
January 17, 2016 at 08:55 GMT +00:00 · Published

The Asian Infrastructure Investment Bank (AIIB) is officially open for business, announced the bank's first president Jin Liqun during a press conference at the Westin Beijing Financial Street hotel in Beijing, Sunday.

The press conference was held shortly after the first inaugural meeting of AIIB's Board of Governors. The meeting was attended by 30 of the bank's governors, who represent more than 74 percent of AIIB's allocated capital, and observers from the 27 signatories of the bank's Articles of Agreement who are yet to complete the membership process.

Discussing the year ahead, Jin told the press: "We are consulting with our clients and other multilateral development partners and are preparing a pipeline of projects. We plan to bring the first loans for approval before the end of this year."

"Asia faces severe connectivity gaps and significant infrastructure bottlenecks. It is critical to address this need because good infrastructure is a foundation for robust economic growth and expanded economic opportunities and to improve the quality of life for everybody," he added.

Based in Beijing, AIIB will be a "new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia," according to an official statement released by the bank.

China: Asian Infrastructure Investment Bank opens for business02:07
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Description

The Asian Infrastructure Investment Bank (AIIB) is officially open for business, announced the bank's first president Jin Liqun during a press conference at the Westin Beijing Financial Street hotel in Beijing, Sunday.

The press conference was held shortly after the first inaugural meeting of AIIB's Board of Governors. The meeting was attended by 30 of the bank's governors, who represent more than 74 percent of AIIB's allocated capital, and observers from the 27 signatories of the bank's Articles of Agreement who are yet to complete the membership process.

Discussing the year ahead, Jin told the press: "We are consulting with our clients and other multilateral development partners and are preparing a pipeline of projects. We plan to bring the first loans for approval before the end of this year."

"Asia faces severe connectivity gaps and significant infrastructure bottlenecks. It is critical to address this need because good infrastructure is a foundation for robust economic growth and expanded economic opportunities and to improve the quality of life for everybody," he added.

Based in Beijing, AIIB will be a "new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia," according to an official statement released by the bank.

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