The Board of Governors of the Asian Infrastructure Investment Bank (the Bank) convened in Beijing on June 25, 2016 for the Bank’s first Annual Meeting. The Governors representing the Bank’s 46 Founding Members took stock of the progress that the Bank has made since opening its doors on January 16, 2016. Representatives from Signatories of the Bank’s Articles of Agreement that are not yet members, as well as observers from partner institutions and observers from potential new members also attended.
Chinese Vice Premier Zhang Gaoli welcomed the Governors on this historic occasion. Chinese Minister of Finance and Chairman of the AIIB Board of Governors Lou Jiwei; Ilho Yoo, Deputy Prime Minister and Minister of Finance and Strategy, Korea; Pawel Szalamacha, Minister of Finance, Poland; and AIIB President Jin Liqun also spoke at the Opening Ceremony.
President Jin Liqun reported on the Bank’s progress during its first six months of operation. He noted the June 24, 2016 approval of the Bank’s first 4 loans for power, transport and urban investments in Bangladesh, Indonesia, Pakistan and Tajikistan totaling $509 million. The Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and the World Bank are co-financing partners on 3 of the 4 new loans. The Bank has developed a strong cooperative relationship with the multilateral development banks (MDBs) and is developing a pipeline of operations for future co-financing, in consultation with its clients.
The President also highlighted the recent approval of a Special Fund to support members in the preparation of bankable project proposals. The Government of China has made the first commitment to the Fund with a contribution of $50 million, which will allow the Fund to begin operations in the fall of 2016.
The Governors elected the next Board of Directors. The Governor for Korea was elected to serve as the incoming Chairman of the Board of Governors, and the Governors for Georgia and the United Kingdom were elected as Vice Chairmen.
Responding to the strong expressions of interest in future Bank membership, the Bank is preparing procedures for the admission of new members and has set a deadline of September 30, 2016 for receipt of applications. It looks forward to welcoming the first of these new members early in 2017.
Minister Lou, speaking as Chair of the Board of Governors, expressed the Board’s appreciation for the significant progress under President Jin’s leadership in setting operations in motion since the Bank’s January 2016 inauguration. "As a new member of the MDB family, AIIB has been built on global experience and practice. It will complement and supplement the efforts of our MDB partners”, Minister Lou stated. "The Bank’s achievements to date are a testament to the strong support of the Bank’s 57 Founders and to the spirit of openness and cooperation that embody AIIB’s operations.” Noting that the Bank has opened the process for expanded membership, Minister Lou welcomed representatives of potential applicants for Bank membership who attended the Meeting as Observers.
President Jin noted, "The Bank is off to a very strong start. The past months have been fast-paced and productive. In just six months with the guidance and support of our Boards of Governors and Directors, we have put the fundamentals of a large, modern multilateral financial institution in place, and have made significant progress towards the goals set by our shareholders. The future agenda is large and challenging. But these are challenges that we welcome. I have no doubt that with continuing strong support from our Boards and our members, the Bank will meet these challenges."
The Government of China, which spearheaded the establishment of the Bank, hosted this first Annual Meeting and the Beijing Municipality provided significant support. The 2017 AIIB Annual Meeting will be held in Jeju, Republic of Korea from June 16-18, 2017.
As part of the 2016 AIIB Annual Meeting program, two Seminars took place on June 26 for Governors, their Delegations and guests from the business community, academia, and civil society. The Infrastructure and Global Economic Growth seminar discussed opportunities for multilateral development banks (MDBs) and development partners in the public and private sectors to cooperate to better understand and to help meet the massive infrastructure financing gap. The seminar on Financing Green Infrastructure: the Role of MDBs featured discussions on how MDBs can work with clients and development partners to ensure that new infrastructure investments support the outcome of COP21.
Additional information on the Bank can be found at www.aiib.org
