Asian Infrastructure Investment Bank was headed by the representative of China

Almaty. August 25. Silkroadnews - Asian Infrastructure Investment Bank (ABII) was headed by the representative of China, Xinhua news agency reported.
"Jin Liqun, former Vice Minister of Finance of China, was the elected president of the Asian Bank of infrastructure investments", - said in a statement.
As reported, ABII was created on the initiative of China. The main objectives pursued by ABII - stimulating financial cooperation in the Asia-Pacific region, the financing of infrastructure projects in Asia - from building roads and airports to communication antennas and economy-class housing.
The company's headquarters will be located in Beijing, the bank's authorized capital is $100 billion. It is expected that ABII will be operational from 2016.
According to the Articles of Agreement signed on Asian Infrastructure Investment Bank, China will invest $29.78 billion in the bank to the base capital of $100 billion. Therefore, China will become the largest shareholder in the bank and get a 30.34% stake in ABII.