By Deutsche Presse-Agentur
Chinese President Xi Jinping presided over the opening of the Beijing-led Asian Infrastructure Investment Bank (AIIB) Saturday.
“This is a historical moment,” Xi said at the launch ceremony in the Chinese capital.
Finance Minister Lou Jiwei was elected chairman of the AIIB council. Former Asian Development Bank executive Jin Liqun was chosen to be the new bank’s first president.
Lou called the launch a milestone in a process of reforming the global economic governance system, which is dominated by major Western powers.
A series of opening activities will last through Monday.
The AIIB was established in Beijing in December. China is the largest shareholder of the 100-billion initiative that has 57 member nations.
Lou said it will work together with multilateral insitutions including the World Bank and the Asian Development Bank to facilitate Asian infrastructure construction and sustainable development.
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