BEIJING, June 25, 2016 (Xinhua) -- Chinese Finance Minister Lou Jiwei speaks at the opening ceremony of the first Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, June 25, 2016. (Xinhua/Li Xin)
BEIJING, June 25 (Xinhua) -- Finance Minister Lou Jiwei on Saturday signed a donation agreement with AIIB president Jin Liqun, confirming that China will donate 50 million U.S. dollars to an AIIB special fund.
This makes China the first donor to AIIB special fund, which will support members with project preparation, Jin said at his opening statement during the bank's first annual meeting of the board of governors, which began Saturday morning in Beijing and will last until Sunday.
The AIIB board of directors authorized the setup of a project preparation special fund on Friday. China vowed in January to contribute 50 million dollars to the project preparation special fund.
The AIIB, a China-initiated multilateral bank, was founded on Dec. 25, 2015.