China announces formal creation of Asian infrastructure bank
The China-backed Asian Infrastructure Investment Bank has been formally established and is expected to be operational early next year, and its head reaffirmed the lender will be “lean, clean and green”, Xinhua news agency said on 25 December.
The setting up of the bank came after 17 funding members of the AIIB, which account for just over 50% of its share capital, ratified an agreement, state television quoted Finance Minister Lou Jiwei as saying.
