 "AIIB holds groundbreaking ceremony to build Beijing HQ")
The China-sponsored Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder, on Friday held a groundbreaking ceremony in Beijing to build its permanent headquarters.
The headquarters will be located in the north of Beijing, between the Olympic Forest Park and the iconic Bird's Nest Stadium, with construction expected to be completed by the end of 2019, the bank said in an online statement.
Speaking at the ceremony, the AIIB President Jin Liqun said, "This bank sets out to be lean, clean and green, and there is no better site in Beijing to highlight our green commitment than alongside the beautiful Olympic Forest Park."
The AIIB has been using temporary offices on downtown Beijing's Financial Street since beginning operations in January.
Jin expects the headquarters to serve as a new city landmark and provide a solid foundation for the bank's development.
The AIIB was officially established late last year with 57 founding members. With authorised capital of $100 billion, China is the largest shareholder with 26.06 per cent voting shares.
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India is the second largest shareholder with 7.5 per cent followed by Russia at 5.93 per cent and Germany with 4.5 per cent.
In June, the bank approved its first four loans, totalling $509 million, to fund power, housing and transportation projects in Bangladesh, Indonesia, Pakistan and Tajikistan.