In October 2014, 22 Asian states signed a Memorandum of Understanding to set up AIIB with the headquarters in the Chinese capital of Beijing. The authorized capital of bank amounted to $100 billion.
"We welcome the Asian Infrastructure Investment Bank. Infrastructure needs in the developing world are enormous. There are many projects that I can foresee cofinancing and working together on going forward," Kim stated.
According to the AIIB website, there are 57 prospective founding members to the bank, as of April 16. It is expected to be fully established by the end of 2015.
Kim said that the World Bank congratulated China for taking the lead in establishing a much needed multilateral institution that could help developing countries throughout Asia and the Middle East.
The World Bank Group is focusing this week on its goal of ending extreme poverty by 2030, Kim said. The World Bank will try to reach this milestone by helping countries to promote economic growth, invest in education and establish social safety nets, he added.
On April 17-19, the IMF and World Bank are holding their annual Spring Meetings in Washington, DC to discuss issues like global poverty alleviation, development projects and financial reforms.