The Asian Infrastructure Investment Bank (AIIB) – a China-led financial institution with multilateral support – has opened for business, the institution announced in a statement. Brazil and Portugal are among the bank’s 57 founding members.

“This is a historic moment,” said China’s President Xi Jinping – as quoted by Chinese state-run news agency Xinhua – in comments at a launch ceremony held on Saturday in the Chinese capital, Beijing.

According to the media outlet, China vowed on Saturday to contribute US$50 million to a special fund – to be established soon – for the project’s preparation. Xinhua added the fund would support preparations for infrastructure development projects in less developed member states.

China is eligible to apply for financial support from the AIIB. But the country would not do so initially, as other countries had more pressing needs for infrastructure improvements, said China’s Vice-Minister of Finance, Shi Yaobin, as quoted by Xinhua.

The bank – first proposed by President Xi in October 2013 – was formally established on December 25, 2015.

On Saturday, Jin Liqun – a Chinese banker and academic – was elected the first AIIB president.

“[The] AIIB is now ready to join the family of multilateral financial institutions, investing in sustainable infrastructure for the improvement of lives across Asia,” Mr Jin stated, as quoted in an AIIB press release.

China’s Minister of Finance, Lou Jiwei, was elected as the first Chairman of the AIIB council, Xinhua added.

The AIIB will be based in Beijing. China is its largest shareholder with 29.78 percent of the capital. Brazil – the largest of the Portuguese-speaking Countries – is the ninth largest shareholder.