AIIB officially inaugurated

China-backed Asia Infrastructure Investment Bank (AIIB) was officially launched in a ceremony held at Beijing, China on Saturday.

AIIB is a new multilateral lending institution established on October, 2014 with the ambition of developing infrastructure of Asian countries and improving transport and communication between Asian countries.

Chief-guest of the inaugural ceremony, Chinese President Xi Jingping said that AIIB would provide impetus for economic growth in Asia and the rest of the world.

Maldives is one of the founding members of the USD 100 billion bank, along with 57 other countries.

Housing Minister Dr. Mohamed Muizzu is currently in Beijing to represent Maldives and will be attending the Inaugural Board of Governors Meeting and Inaugural Board of Directors Meeting.

President Abdulla Yameen ratified the bill approving AIIB membership during November, 2015 after it secured People’s Majlis approval.

AIIB has now started accepting loan proposals from member countries with its official inauguration, with special incentives promised for founding member countries.

AIIB is seen as the newest indication of China flexing its muscles in different areas; this time by using the finance institution to compete with Washington-based World Bank and Japan-led Asian Development Bank.