AIIB to make substantial contribution to global economic governance

Therefore, Chen argued, the AIIB will fill in the blank and, with an overall lending capacity Chen believed will one day equal that of the US-controlled World Bank and the Japan-dominated Asia Development Bank (ADB), benefit countries all over the world, especially developing nations.

The proof of Chen's remarks could be found in an earlier statement made by Jin, who said the China-initiated bank will hand out its loans as early as mid-2016, adding that the bank will keep in close contact with other multilateral and bilateral development organizations.

One prominent feature of the AIIB is that it focuses on enhancing connectivity among Asian countries by funding infrastructure development projects, and Jin said it's this "win-win in nature" approach that gained the bank popularity.

Jin's opinion was echoed by Aikman, who said, "China has a lot to bring in terms of experience with the large-scale infrastructure projects and really has an opportunity to innovate."

Acknowledging that a shortage of financing is one key constraint preventing the development of better infrastructure in developing countries, China expert James Laurenceson said the AIIB will alleviate that shortage.

Hailing China's willingness to make the AIIB open for partnership with the ADB, Laurenceson, who serves as Deputy Director of the Australia-China Relations Institute at the University of Technology Sydney, said the fact that China has established a truly multilateral lending institution in an extremely short time is "hugely impressive."

Maung Maung Thien, Myanmar's Deputy Minister of Finance, was optimistic about the prospect of the AIIB when asked to comment on the bank's opening on Saturday.

"Our expectation and view on the opening of the AIIB are good and clear, that was why we participated as a founding member. The AIIB is assumed to be a dependable bank which supports regional development," the official said, adding that the country's Minister of Finance U Win Shein will attend Saturday's ceremony.

In addition to infrastructure, the business of the AIIB, which has an authorized capital of $100 billion, will also cover energy, education and health care.

Expansion of the AIIB's lending resonates with the opinion of Vasily Mikheyev, who is Deputy Director of the Institute of World Economy and International Relations at the Russian Academy of Social Sciences.

Mikheyev believes the functions of the AIIB can be adjusted in the future, expanding from financing infrastructure-building to funding actual production as the world economy enters a different stage.

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