New AIIB official trumpets role in Asian development

A newly-elected senior official of the Asian Infrastructure Investment Bank (AIIB) has trumpeted how it will help the region's development.

Lou Jiwei, the first chairman of the AIIB's board of governors and also China's finance minister, made the remarks on the sidelines of the opening ceremony of the new development bank.

"The bank's opening is a milestone in global economic governance," Lou said. "A newcomer in international multilateral banking, the AIIB will work with others to improve Asian infrastructure and facilitate sustainable development."

China and other member states have said the AIIB will be complementary to the World Bank and the Asian Development Bank as it focuses on infrastructure investment in less-developed Asian countries.

Against the backdrop of the global economic downturn, the AIIB meets urgent demand from developing Asian countries for funding to improve infrastructure and boost the economy.

The bank was proposed by Chinese President Xi Jinping in 2013 and officially established late last year. Headquartered in Beijing, it now has 57 members.

With authorized capital of 100 billion U.S. dollars, the AIIB prioritizes investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics.

Lou promised he will work with other board governors of the bank to ensure orderly, efficient and clean operation. Endi