Egypt's Minister of International Cooperation Sahar Nasr attended on Sunday the inaugural meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing.

The participants in the meeting approved the bank's regulations, rules and code of conduct.

They formed also the bank's board of directors and installed Jane Lee Chun as first chairman of the bank.

Jane said the bank will apply the same principles adopted by international financial institutions, namely transparency, openness, accountability and independence.

The new Asian Infrastructure Investment Bank opened Saturday in Beijing. Up to 57 member nations have contributed $100 billion to capital to the AIIB, making it nearly half the size of the World Bank as it begins operations.

"This is a historic moment," said Chinese President Xi Jinping, who first proposed a multilateral Asian bank to support infrastructure development projects more than two years ago.

Xi said the new bank would have an important role in making "the global economic governance system more just, equitable and effective."

Source: MENA