Chinese President Xi Jinping formally opened Asian Infrastructure Investment Bank, in Beijing yesterday. The bank was formally established in Beijing on 25th December last year. It will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare. The bank, headquartered in Beijing, now has fifty seven members. It will also work together with multilateral development banks including the World Bank and the Asian Development Bank to enable Asian infrastructure construction and sustainable development. During the inauguration ceremony, Chinese Finance Minister Lou Jiwei was named as the first chairman of the AIIB board of Governors.