Delegates cut the ribbon for the opening of the headquarters building of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, Jan. 17, 2016. The China-initiated multilateral bank started operational on Jan. 16. (Photo: Xinhua/Li Xin)
The Asian Infrastructure Investment Bank's (AIIB) board of governors approved by-laws, rules and codes of conduct for the bank as its inaugural meeting concluded in Beijing on Sunday.
The governors elected the bank's board of directors and Jin Liqun as the first president of the AIIB, the bank said in a press release.
The meeting gathered 30 governors, representing over 74 percent of the AIIB's allocated capital, together with observers from the 27 signatories to the bank's articles that are still completing the membership process.
The AIIB was declared open for business on Saturday. The inaugural meeting of the bank's board of directors opened on Sunday and concludes on Monday.
The Beijing-based AIIB is a new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia.
