AIIB Launch Start of Global Economic Governance Reforms – Chinese Leader

The $100 billion Asian Infrastructure Investment Bank (AIIB) will boost economic growth in Asia and the world, China's President Xi Jinping said at the AIIB's opening ceremony, adding that Beijing will invest an additional $50 million to support projects in the bank's less-developed member states.

BEIJING, January 16 (Sputnik) – The official launch of the Asian Infrastructure Investment Bank is a step toward improving global economic governance, Chinese leader Xi Jinping said Saturday.

"AIIB’s start is of particular importance in terms of reforming and improving global economic governance," Xi said at the opening ceremony attended by 57 founding countries in Beijing.

The improvements include adapting to changes and structural developments of the world economy, and promoting more equitable and efficient economic governance, Xi noted.

"The official launch of the bank will allow us to effectively increase infrastructure investment in Asia," he said.

Xi said Beijing would allocate $50 million for a special fund to support infrastructure projects in less-developed AIIB member states.

AIIB President Jin Liqun, in turn, expressed confidence that the new $100 billion financial institution would contribute to development in Asia.

The bank’s inaugural Board of Directors session was also held on Saturday, where Finance Minister Lou Jiwei said Jin was confirmed as president.

Lou himself was elected to chair the AIIB Board of Directors.