The Asian Infrastructure Development Bank (AIIB) inaugurated Saturday in Beijing by President Xi Jinping will be a bank that facilitates a huge change for the region and the partners of the bank.
AIIB was an initiative of President Xi, formed at a time when major financial institutions of the world, such as World Bank and International Monetary Fund, failed to initiate reforms and fair treatment to all of its members.
Speaking in the inauguration ceremony, President Xi said the Bank will function as an independent entity, free from influence of any one nation.
“The Bank will become an institution will become a bank that will solve the financial issues of the 21st century. Even in Asia there are many infrastructure development projects. AIIB will become the development partner of China,” he said.
Speaking in the ceremony, Chinese Premier Li Keqiang said that the multi-national AIIB will become an institution that will reform the global economy.
“Due to this Bank, the infrastructure of Asia will develop alongside business and economy,” he said.
China had invested 75 percent of the AIIB’s US$ 100 billion capital. Maldives is a founding member of the Bank, which will earn many incentives from the Bank. Additionally, Maldives will be granted easy access to financial assistance from the Bank.
AIIB: a tremendous boost to Asia
