But speaking at the glitzy event in Beijing to launch the new bank, Xi hailed its future. However, the United States and Japan stayed away saying it rivals already existing multilateral banks such as the World Bank.
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With authorised capital of Dollars 100 billion and subscribed capital of USD 50 billion, Beijing-based AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.
Beijing will be by far the largest AIIB shareholder with about a 30 percent stake, according to the legal framework signed by founding member countries in June.
Jin Liqun, former vice-president of the Asian Development Bank (ADB) was elected as the first president of the AIIB while Chinese Finance Minister Lou Jiwei was elected as the first Chairman of the AIIB council.
Tsang said Hong Kong can leverage on its extensive experience and world-class professional services in the financing, planning and management of infrastructural projects to participate and support the work of AIIB, according to a statement released by the Hong Kong government. The share of Asian countries should not exceed 75%, while members from other regions make up 25% of the capital.
March 31 – The deadline for founding member applications.
Chinese Premier Li Keqiang speaks during the Inaugural Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing on January 16, 2016.
April 1 – Germany becomes the first prospective founding member of the AIIB. “The bank attracted additional investments for infrastructure projects in Asia, including Kazakhstan”, said Kazakh Economy Minister Erbolat Dosayev, who led the Central Asian nation’s delegation at the opening ceremony. Beijing had long expressed its frustration with World Bank, International Monetary Fund or Asian Development Bank which it says are controlled by the US, EU and Japanese interests.
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It will also promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions, including the EIB and the EBRD.
