President Xi Jinping formally opened Asian Infrastructure Investment Bank, AIIB, in which India and 56 countries have joined as founding members, in Beijing today.The bank was formally established in Beijing on December 25,2015. China's Finance Minister Lou Jiwei was elected as the first Chairman of the Bank's Council while former Finance Minister, Jin Liqun was elected its first President. It will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare. Lou said that it would work together with multilateral development banks including the World Bank and the Asian Development Bank to enable Asian infrastructure construction and sustainable development.