AIIB OPENS FOR BUSINESS

• 7 April 2016
• Construction Focus
• 971 Views

Chinese President, Xi Jinping officially launched the Asian Infrastructure Investment Bank (AIIB) in Beijing on 16 January in a move expected to change the global economic balance of power.

“Asia’s financing needs for basic infrastructure are absolutely enormous,” Xi said in a speech at the launch, adding the bank would aim to invest in projects that were “high-quality, low-cost”.

The Chinese-led AIIB has $100bn of capital and is expected to lend $10 billion-$15 billion a year for the first five or six years and will start operations in Q2 of 2016. No investment plans have yet been announced though developing nations such as Cambodia expect to be able to tap the fund.