The China-led Asian Infrastructure Investment Bank (AIIB) held its first annual general meeting in Beijing on Saturday. The finance ministers of most of the 57 member states participated and a host of important financial issues were discussed.

Britain's decision to leave the European Union (EU), often shortened as Brexit, dominated the proceedings. A top official in the meeting urged AIIB to join hands with international organizations like IMF and World Bank to overcome uncertainties and volatilities following Britain's decision to exit EU.

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AIIB president Jin Liqun made it clear that Brexit will not lead to Britain's exit from AIIB.         

Yoo Il-ho, South Korea's ­Finance Minister, said that financial markets across the world have reacted with shock to Brexit. "It is a blow to those who believe in global integration" and "the global financial market is facing greater uncertainty and volatility," he said.       

China's Vice-Premier Zhang Gaoli, who was also present at the meeting, called on lending members to form close partnerships with several renowned multinational development banks, such as Asian Development Bank. He stressed that AIIB ought to improve its efficiency and refine organizational policies to seek partnership with such banks.

Lou Jiwei, China's Finance Minister and current chairman of AIIB, announced that the bank would soon start the process to accept applications for new members to join. Reports suggest that 24 nations, including Hong Kong and Canada, are potential applicants.

AIIB also announced that it has approved $509 million to fund its first four infrastructure projects (Bangladesh, Indonesia, Pakistan and Tajikistan). These projects are in the area of power, transport, and urban ­investment.

Three of these projects are jointly funded by other multilateral development banks, while AIIB will take the lead only in the Bangladesh power project.

TagsAIIB Bank, Asian Infrastructure Investment Bank, china