President Xi Jinping was present at the official opening ceremony of the Asian Infrastructure Investment Bank (AIIB) at the Diaoyutai State Guesthouse, Beijing on Saturday. Xi, who addressed the gathering, said it was a historical moment.

Chinese Premier Li Keqiang, who was also present, spoke about the foundation AIIB council. On the same say, elections were held for the AIIB council board of chairman and AIIB council president.

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The Asian Infrastructure Investment Bank (AIIB) is a regional investment bank that was founded on Dec. 25, 2015. Its headquarter is based in Beijing, China and it now has about 57 members. The Bank will serve Asia and Oceania by offering crediting services.

The AIIB council elected Lou Jiwei, China's finance minister, as the chairman of the board of governors. While Jin Liqun, the former deputy minister of finance of China, was appointed as the first president of the council.

"Today at the inaugural meeting of the governors I was elected Chairman of the Board of governors of the Bank. Also, were appointed deputies. It was decided on the appointment of Jin Lizzana President of AIIB" Lou said in his opening remark.  

President Xi reiterated China's supports for the programs of the AIIB. He revealed that China will allocate $50 million for the development of AIIB proposals for infrastructural projects.

Lou said in an interview that the opening of the AIIB marked a milestone in the reform of the global economic governance system. He added that the AIIB will work together with multilateral development banks including the World Bank and the Asian Development Bank to facilitate Asian infrastructural construction and sustainable development.

The AIIB council opening ceremony will be followed by a series of activities that will last until Monday, Jan. 28, 2016.

TagsJin Liqun, Lou Jiwei, AIIB council, Asian Infrastructure Investment Bank (AIIB)