Jin Liqun reelected as president of AIIB

Jin Liqun has been elected to a second term as president of the Asian Infrastructure Investment Bank (AIIB) by the bank’s board of governors.

The election result was announced by the chair of AIIB’s board of governors during the bank’s fifth annual meeting on Tuesday.

President Jin’s second five-year term will begin in January 2021.

“It has been a tremendous privilege to lead the Asian Infrastructure Investment Bank during its foundational years,” said Jin.

“We have established high standards of governance, we are investing in projects that improve lives and livelihoods and we are establishing ourselves in global capital markets. A lot has been achieved thanks to the efforts of our staff and our board, plus the support granted to AIIB from its members and the development community.”

Under Jin’s leadership, AIIB has grown from 57 founding members to over 100 approved members from around the world.

The bank has also maintained the highest credit ratings with a stable outlook from the largest rating agencies — Standard & Poor’s, Moody’s and Fitch.

Permanent Observer status was also granted by the United Nations in recognition of AIIB’s relevance and contribution to the UN’s development mandate.

“As we look forward to the next decade, we will expand our investments from core infrastructure to the infrastructure for tomorrow – infrastructure that will tackle climate change, enhance connectivity within Asia and the rest of the world, mobilize private capital and bridge digital divides in our region,” said president Jin.

“I look forward to continuing to serve our members and further contributing to the multilateral efforts to help build a more sustainable, more prosperous Asia.”

The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia.

Headquartered in Beijing, it began operations in January 2016 and has now grown to 103 approved members worldwide. Ten members and nine prospective members are from Africa after its board of governors approved the application of Liberia to join the bank.

The bank has begun to finance projects on the African continent, with AIIB’s president and board of directors having approved up to US$600 million in financing for three projects in Egypt.

It has a strategy which guides investment in non-regional members.

“Increasingly, AIIB has become a bank that connects Asia with the world,” said AIIB Vice President and Corporate Secretary Sir Danny Alexander.

The bank’s sixth annual meeting will be held in Dubai, United Arab Emirates, on October 27-28, 2021, according to an announcement from the annual meeting.

This is the first time AIIB will hold its annual meeting in the Middle East, and it will take place in parallel with the Dubai World Expo.