2016年CRI AIIB Starts Operation Today

President Xi Jinping will address the bank's inauguration 1 ceremony in Beijing, with Premier 2 Li Keqiang scheduled to give a speech to the founding conference of the AIIB council during the afternoon.

Over the coming three days, the bank's board of directors and executive council will meet for the first time.

Chinese Finance Ministry 3 official Zhou Qiangwu said the bank's leadership will take form during the meetings.

"As part of the meetings, the bank's president will be officially appointed and the management team will be in place. And in the next step, the bank's policies will be finalized 4."

Zhou Qiangwu elaborated on some of the current priorities for the bank.

"The priority of the current work is to complete the establishment of the operation team, set up regulations and improve its operational efficiency, while the acceptance of new membership applicants 5 will be left to the new executive council."

According to Zhou, the bank's first projects will be launched in the second quarter of this year.

As the first China-initiated multi-lateral financial institution, the AIIB has taken shape within the past two years.

The plan to establish the bank was first put forward in October 2013 by both Chinese President Xi Jinping and Premier Li Keqiang during their respective visits to Southeast Asia.

A year later, 21 Asian nations, including China, India and Singapore signed The Memorandum 6 of Understanding on Establishing the AIIB, which specified 7 that the authorized 8 capital of the bank would be 100 billion U.S. dollars.

As early as February last year, the AIIB Articles of Agreement were signed and the bank was legally established as the agreement took effect on December 25.

The Finance Ministry's Zhou Qiangwu is confident Asia's strong demand for infrastructure 9 will underpin 10 the bank's development.

"The demand in Asia for infrastructure development is expected to remain strong over the coming thirty years. It will provide the bank with an ample space for growth."

He also suggested there could be some internal factors acting 11 to boost the bank's development.

"The AIIB has larger amount of authorized capital than any other multilateral financial institution in the world, which ensures it has sufficient money for lending, while an extensive line of tailor-made lending products and an international lineup of executive talents would ensure it has a promising 12 prospect 13."

In addition to infrastructure, the business of the AIIB will also cover energy, education and health care.

It's also expected to reinforce China's efforts for the Renmibi becoming more international and supporting the Silk Road initiatives.

Among its current 57 members, China, India and Russia are the three largest shareholders 14 with China taking a stake of more than 30 percent.

For CRI, this is Luo Wen.