The AIIB will work together with multilateral development banks including the World Bank and the Asian Development Bank to facilitate Asian infrastructure construction and sustainable development, Lou said.

When addressing the inaugural ceremony, South Korean Finance Minister Yoo Il-ho quoted a sentence of famous Chinese writer Lu Xun to describe the process of AIIB's establishment:

"Originally there is no path in this world, but when there are many who have walked upon it, then a path came into being."

Pierre Gramegna, Luxembourg's finance minister, said the AIIB will be a boost to the Asian economy.

"I can assure you, President Xi Jinping, that your initiative has received a lot of positive support from many members of the European Union."

The development bank was formally established in Beijing on Dec 25, 2015. It's the first China-initiated multi-lateral financial institution.

In 2013, President Xi Jinping first proposed the idea of the bank. In just two years, the bank, headquartered in Beijing, now has 57 members, many from outside the region.