AIIB open for business. Jin Liqun elected as first President

The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) convened its inaugural meeting today, declaring the Bank open for business and electing Mr.Jin Liqun as President for a five year term. President Xi Jinping and Premier Li Keqiang of China addressed the AIIB’s opening, which was held alongside the Board of Governors meeting. Also at the ceremonies were representatives from other multilateral development banks and financial institutions, whose support for the establishment of the Bank was warmly acknowledged.

Speaking shortly after his election, Mr. Jin Liqun said "I am deeply honored to be elected as the first President of the Asian Infrastructure Investment Bank. I would like to thank the 57 member countries for the trust that has been placed in me, and for the support they have given the establishment of the Bank over the last couple of years. 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 has served as AIIB's President-designate since September 1, 2015. Prior to his selection as President-designate, Mr. Jin served as Secretary-General of the Multilateral Interim Secretariat, the entity tasked to prepare the legal, policy and administrative frameworks and undertake other preparatory work required for the establishment of AIIB. Prior to that, Mr. Jin was Chairman of China International Capital Corporation Limited, China’s first joint-venture investment bank. From 2008 to 2013, Mr. Jin served as Chairman of the Supervisory Board, China Investment Corporation (CIC). From 2009 to 2012, Mr. Jin served first as Deputy Chairman, and subsequently as Chairman of the International Forum of Sovereign Wealth Funds (IFSWF).

From 2003 to 2008, Mr. Jin was Vice President, and then Ranking Vice President, of the Asian Development Bank (ADB), in charge of programs for South, Central and West Asia, and private sector operations. Mr. Jin joined the Ministry of Finance in 1980, where he served as Director General and Assistant Minister, and became Vice Minister in 1998. Mr. Jin was also a Member of the State Monetary Policy Committee. Earlier in his career, Mr. Jin served as Alternative Executive Director for China at the World Bank and at the Global Environment Facility as well as Alternative Governor for China at the ADB.

Mr. Jin holds an M. A. degree in English Literature from Beijing Institute of Foreign Languages (now Beijing Foreign Studies University). He was also a Hubert Humphrey Fellow in the Economics Graduate Program at Boston University from 1987 to 1988. He is a national of the People’s Republic of China.

The AIIB, which will be located in Beijing, will be a new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia. The Bank is expected to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. It will also promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.