The new multilateral financial institution comprises 57 member countries including Australia and South Korea, but does not include the US and Japan, according to The Express Tribune.
The bank is aimed at promoting regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.
AIIB would also invest in infrastructure and other productive sectors to encourage sustainable economic development, create wealth and improve infrastructure connectivity in Asia.
Jin Liqun has been appointed to serve as AIIB president for a period five years.
"I am deeply honored to be elected as the first President of the Asian Infrastructure Investment Bank. I would like to thank the 57 member countries for the trust that has been placed in me, and for the support they have given the establishment of the Bank over the last couple of years.
"AIIB is now ready to join the family of multilateral financial institutions, investing in sustainable infrastructure for the improvement of lives across Asia," Liqun said.
The bank is expected to raise close to $15bn every year for the first five or six years and it is scheduled to enter operations in the second quarter of this year, Reuters reported.
In October 2014, representatives from 22 countries signed a Memorandum of Understanding (MOU) to establish the AIIB and Beijing was selected to host bank headquarters.
Image: AIIB includes 57 member countries. Photo: courtesy of AIIB.
