Members of the Asian Infrastructure Investment Bank (AIIB) are going to hold their first convention to elect the bank's first president on Jan. 16 to 18 in Beijing, the Ministry of Finance said.
The schedule was revealed when the AIIB was formally established on Friday, China Daily reported.
In the said gathering, the 12 directors for each electoral region will also be elected.
The finance ministry also said that a total of 17 countries forwarded their approval, representing 50.1 percent of the bank's total subscribed capital.
According to the bank's charter, the institution is legally valid as long as at least 10 countries have the charter approved by their legislatures. Additionally, the combined represented capital of these countries should be equal to no less than half of the AIIB's total capital.
Included in the 17 countries are Germany, the United Kingdom and South Korea. Meanwhile, other economies such as Russia, India and Brazil have not yet approved the charter.
"The launch of the AIIB marks a milestone for the reform of the international governance system," Finance Minister Lou Jiwei said.
"As a new player in the system, the AIIB will work alongside existing multilateral development banks, such as the World Bank and Asian Development Bank, to contribute to infrastructure connectivity and sustainable economic growth in Asia," Lou added.
The finance minister further stated that the bank is expected to grant its first loan in mid-2016.
In total, the AIIB has 57 prospective members. Those who have not approved the charter yet has a "grace period" until the end of next year.
As long as the board of governors approves, other countries can still apply for membership for the $100-billion bank.
Jin Liqun is China's candidate for president.