China-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened here on Saturday by President Xi Jinping who said the institution would boost investment and contribute to the development of the region.
“This is a historical moment,” Xi said addressing the opening ceremony of the bank, which along with the BRICS New Development Bank (NDB) is expected to expand infrastructure financing, rivalling the World Bank and Asian Development Bank.
An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony. In all 57 countries have joined as founding members while the US and Japan have stayed out. Xi, while speaking at the glitzy event here, hailed the bank's future. “The funding and inauguration of the AIIB will effectively boost investment to support infrastructures development in Asia. It will serve to channel more resources, particularly private investment, into infrastructures projects,” he said.
Xi also highlighted steps he said would ensure the AIIB becomes a “truly international, rule-based and high standard institution in all aspects, involving its governance structure, operation policy, procurement policy and human resources management.”