Chinese President Xi Jinping addresses the opening ceremony of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, Jan 16, 2016. [Photo/Xinhua]

After three years in the making, the Asian Infrastructure Investment Bank (AIIB) officially opened for business on Jan 16, 2016.

President Xi called AIIB's launch a 'historical moment' while addressing the event in downtown Beijing and said the bank could increase Asia infrastructure investment effectively and promote regional interconnection and economic integration, which will have a positive effect on Asian and global economy.

Lou Jiwei was elected as the first chairman of the AIIB council. Jin Liqun was elected the first AIIB president.