The inaugural meeting of the Asian Infrastructure Investment Bank’s Board of Governors was held in Beijing on January 16-17, 2016. 30 Governors, representing over 74 percent of the AIIB’s allocated capital, participated. They were joined by observers from the 27 signatories to the Bank’s Articles that are still completing the membership process.

The Governors approved the AIIB’s by-laws, rules and codes of conduct. The Governors elected the Bank’s Board of Directors and Mr. Jin Liqun as the first President of the Bank. The Bank was declared open for business by the Governors on January 16, 2016. The inaugural meeting of the Bank’s Board of Directors was called to take place in Beijing on January 17-18, 2016.

The AIIB, which will be located in Beijing, will be a new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia. The Bank is expected to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. It will also promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.