Madhura Balasubramaniam, Integrated Masters in Development Studies, IIT Madras.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral initiative announced by the Chinese President Xi Jinping to enable ‘economic integration in Asia’ and ‘cooperate with existing multilateral development banks’. The startup capital of US$50 billion dollars was increased to US$100 billion. Beijing is the headquarters of the Bank and is headed by Jin Liqun, a former Vice President of the ADB. The formal opening ceremony of the Bank was held on 16 January 2016.