The China-backed Asian Infrastructure Investment Bank (AIIB) is set to open in January and is planning to lend US$10 billion -$15 billion per year to start, Mr. Jin, the man in charge of the launch, said Thursday. This is amid concerns raised by the United States about whether or not the AIIB would have appropriately high criteria on governance and environmental and social precautions.

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The plan was finalized after India and Russian Federation, two other shareholders aside from China, ratified the AIIB agreement in December. A total of 12 countries have passed the AIIB's operational framework.The investment bank will primarily be financing infrastructure construction across Asia.

Seen as a rival to the World Bank, the China-backed multilateral development institution has expressed its interest in using loans, equity investment, guarantees and other financing instruments to support economic growth and boost living conditions in Asia. While the US dollar will be used as the primary currency, the bank will also honor requests for other currencies.

The initiative to create such institution was proposed by President Xi Jinping less than two years ago. Today, it is considered by many as one of China's biggest successes in foreign policy. The AIIB is set to be based in Beijing and it will be under the management of an unpaid, non-resident board of directors which, according to founders, would "save it money and friction in decision-making."

While Washington is still in doubt, some of the USA's major allies have already joined.  Australia, Britain, Germany, Italy, the Philippines and South Korea are already part of the initiative.

According to Mr. Jin ongoing talks with other institutions, including the World Bank and the Asian Development Bank, are already in the works regarding co-financing options.

"We have more than 30 countries waiting to be admitted as members, and when they become members, the figure could go up to more than $100 billion," Jin said.

TagsAIIB, Asian Infrastructure Investment Bank, China's World Bank