AIIB to lend up to $15b every year, says top official

The Asian Infrastructure Investment Bank, the new international development bank led by China, plans to lend $10 billion to $15 billion a year for the first five or six years, a top official said on Tuesday.

The new lender, which will be inaugurated later this month, plans to conduct its first board meeting next month and will support infrastructure development and connectivity in Asia, said Jin Liqun, the president-designate of the AIIB.

"The bank is neither a Chinese bank nor a bank owned by the Chinese government, but one owned by all participating countries," said Jin in Beijing on Tuesday.