Xi Jinping gave a start to the Asian Infrastructure Investment Bank

Almaty. January 18. Silkroadnews – On Saturday the Chairman of the People’s Republic of China Xi Jinping on Saturday gave a start to the Asian Infrastructure Investment Bank (ABII) in Beijing, the Chinese media reports.
“Today, the Asian Infrastructure Investment Bank started its work. ABII shall allow us to improve the opportunities for infrastructure development in Asia and promote the regional economic integration. The formal establishment of ABII is of particular importance for the reform of global economic governance. We hope the member countries will increase their investments. ABII will adhere to the open position, and will be open to contacts with other economic structures of the region”, Xi Jinping said.
As the head of the PRC also informed, China will provide $50 million to assist countries-founders of ABII to develop their proposals for infrastructure projects.
“Being the initiator of ABII China is ready to assist on the development of the Bank. In the nearest future China is ready to allocate $50 million to create a fund for the development of projects to assist the less developed member countries in the development of infrastructure projects”, he also added.
ABII was initiated by China. The key mission of the bank is to overcome the infrastructure constraints of the Asian region economic development. The scope of activities of the institute shall cover a wide range of financial services: loans, equity participation, guarantees, technical assistance.
According to the agreement on the ABII establishment, its authorized capital totaled $100 billion. The share of Asian countries as a total shall not exceed 75%, while the participants from other regions of the world account for 25% of the capital. The authorized capital is divided into 1,000,000 shares with a value of $100 thousand each. ABII headquarters will be located in Beijing.