China Formally Establishes Asian Infrastructure Investment Bank

The Chinese-led Asian Infrastructure Investment Bank (AIIB) was formally established on Friday, and is expected to be operational by early next year, local media reported Friday.

"The AIIB is legally established as the Articles of Agreement take effect today," Chinese Finance Minister Lou Jiwei was quoted by the Xinhua news agency as saying.

The bank will become fully operational after its board of directors and executive council meet at an opening ceremony scheduled for January 16-18, the minister said.