The programme was attended by Chinese finance minister Lou Jiwei and delegates from 21 countries, including India, Thailand and Malaysia.
In an inaugural speech, China President Xi Jinping was quoted by Reuters as saying that the new bank would use the best practices of the World Bank and the ADB.
"We have also to learn from the World Bank and the Asian Development Bank and other existing multilateral development institutions in their good practices and useful experiences," Jinping added.
The AIIB is expected to commence operations in 2015, in which China will be the largest stake holder with an interest of about 50%. The bank aims to give project loans to developing nations.
Initially, several European states, as well as Australia, Indonesia and South Korea showed interest in the plans to create the bank.
However, these countries have opted out from plans to join the bank at this stage, reported The Financial Times.
The countries that have expressed interest to join include Mongolia, Uzbekistan, Kazakhstan, Sri Lanka, Pakistan, Nepal, Bangladesh, Oman, Kuwait, Qatar and all of the Association of Southeast Asian Nations except Indonesia.
Image: China President Xi Jinping. Photo: courtesy of Antilong.
