President says Beijing is working with more than 50 countries to prepare the bank's launch

President Xi Jinping said on Wednesday that the Asian Infrastructure Investment Bank (AIIB) is "expected to be officially up and running by the end of this year".

Observers noted that although some senior Chinese officials voiced similar hopes earlier this year, Xi's estimation on Wednesday may be the most assuring and promising message so far about the long-awaited financial institution that will directly address the hunger for capital in the region.