With a $50bn injection the AIIB could be seen to rival the World Bank and Asian Development Bank
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Major investment Image: The launch of the new Asia Infrastructure Investment Bank shows China’s commitment to development across the Asia Pacific region.
The opening ceremony was attended by top-level party memebrs like Xi Jinping and Lou Jiwei, the country’s finance minister, as well as international delegates from 21 countries including India, Malaysia and Thailand.
Although many other nations are taking part in the initiative, China will remain the largest single shareholder with a 50% stake. The Asian Development Bank, which was created in 1966 and now holds some $175bn, is largely overseen by the US and Japan.
The AIIB should begin operations as early as 2015, with Jin Liqun, a senior Chinese banker and former chairman of China International Capital Corp, an investment bank, looking set to take the helm.
The bank would control $100bn in capital and would be formally headquarted in Beijing.