AIIB up and running early in the new yearStaff writer ▼ | December 28, 2015
The China-backed Asian Infrastructure Investment Bank (AIIB) has been formally established and is expected to be operational early next year, Xinhua reported.
AIIB The bank will hold its opening ceremony in mid-January
The bank will hold its opening ceremony in mid-January and formally elect its president, state television said.
The bank will initially focus on financing projects in power, transportation, and urban infrastructure in Asia, the television quoted the bank's president-elect, Jin Liqun, as saying.
First proposed by President Xi Jinping less than two years ago, the bank has become one of China's biggest foreign policy successes. Despite the opposition of Washington, major U.S. allies such as Australia, Britain, Germany, Italy, the Philippines and South Korea have joined. ■