Xi launches Asian Infrastructure Investment Bank

16-1452928356-xi-jinping-chinaChina-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened here today by President Xi Jinping who said the institution would boost investment and contribute to the development of the region.

“This is a historical moment,” Xi said addressing the opening ceremony of the bank, which along with the BRICS New Development Bank (NDB) is expected to expand infrastructure financing, rivalling the World Bank and Asian Development Bank.

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