Mubasher: The China-backed Asian Infrastructure Investment Bank (AIIB) was formally established on Friday to become operational in mid-January 2016, according to the official Xinhua news agency.
The bank's establishment came after 17 funding members of the AIIB, which represented just over 50% of its share capital, ratified an agreement on the bank, said Finance Minister Lou Jiwei.
Viewed by some as a rival to the World Bank and Asian Development Bank (ADB), AIIB will offer loans ranging from $10 billion to $15 billion annually.
