China-backed Asian Infrastructure Investment Bank(AIIB) in which India and 56 countries have joined as founding members was formally opened by President Xi Jinping. The bank was formally established in Beijing on December 25, 2015.
- Chairman of the AIIB council: Chinese Finance Minister Lou Jiwei China’s First
- AIIB president: Former Finance Minister, Jin Liqun
- Authorised capital: $100 billion
- Subscribed capital: $50 billion
In all 57 countries have joined as founding members while US and Japan stayed out. An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony.
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