China-backed Asian Infrastructure Investment Bank (AIIB), in which India and 56 other countries are founding members, will be opened here on January 16, it was announced here on Friday. The $100-billion AIIB, seen as potential rival to the World Bank and Asian Development Bank, was legally established just over 10 days ago, on December 25.
Foreign Ministry spokesperson Hua Chunying said Chinese President Xi Jinping and Premier Li Keqiang will attend activities marking the opening of the Beijing-based bank. Xi will attend and address the inauguration ceremony in the morning of January 16 while Li will address the founding conference of the AIIB council in the afternoon, Hua said.
Opening activities will last from January 16 to 18. The China-initiated development bank was formally established in Beijing on December 25. The bank, headquartered in Beijing, now has 57 members and is seen as potential rival to the World Bank and Asian Development Bank.
A senior official of India was expected to attend the AIIB opening ceremony, Indian officials here said. With authorised capital of $100 billion and subscribed capital of $50 billion, AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare. China, India and Russia are the three largest shareholders, taking a 30.34 per cent, 8.52 per cent, 6.66 per cent stake, respectively, in the newly-formed bank.