China-backed AIIB to hold opening ceremony in mid-Jan: state media

DEC 3, 20158:51 PM

[SHANGHAI] The China-backed Asian Infrastructure Investment Bank (AIIB) is expected to hold its opening ceremony in mid-January, Chinese state media on Thursday quoted the bank's deputy head as saying.

China News Agency also quoted Chen Hun as telling a conference at least 50 per cent of members will have ratified the AIIB's constitution after India and Russia sign this month, allowing the bank to begin operations.

Chen also was quoted saying the bank, while waiting for a credit rating, will probably begin issuing unrated bonds that will be "supported" by South Korea. He said he expects South Korea to play an active role in AIIB.

The bank's president-elect Jin Liqun was recently in Seoul, during which he urged Korean institutional investors to support AIIB.