Kazakhstan has made a $729.3 million capital contribution to the newly inaugurated Asian Infrastructure Investment Bank, the Economy Ministry's press service said Saturday.

The $100-billion AIIB was inaugurated Saturday at a ceremony in Beijing in which Chinese President Xi Jinping and representatives of the bank's 57 founding members, including Kazakhstan, participated.

"Kazakhstan is one of the founders of the AIIB. The bank attracted additional investments for infrastructure projects in Asia, including Kazakhstan," said Kazakh Economy Minister Erbolat Dosayev, who led the Central Asian nation's delegation at the opening ceremony.

"It will complement the activities of such banks as the World Bank, the European Bank for Reconstruction and Development and the Asian Development Bank," the Kazakh minister said.

As a regional member of the Beijing-based AIIB, Kazakhstan will be able to finance infrastructure projects within the framework of large-scale programs such as its "Path to the Future" economic policy and the Silk Road economic belt, Dosayev said.

Saturday's inauguration culminates a process that began just 27 months ago when the Chinese president proposed the creation of the AIIB in October 2013. EFE