China nominates Jin Liqun for President of AIIB [ Current Affairs ]
Former finance Minister of China Jin Liqun was nominated as the Presidential candidate for $100 billion Asian Infrastructure Investment Bank (AIIB) by China countries. At Present, Jin Liqun is Secretary General of AIIB’s interim secretariat. Jin Liqun also had held various positions at the World Bank.
- Earlier, Jin Liqun was chairman of China International Capital Corporation (CICC), one of the mainland’s largest investment banks.
- Jin Liqun was the first Chinese national to serve as a Vice President of Asian Development Bank (ADB) which is controlled by Japan.
- Jin headed programmes for South, Central and West Asia and private sector operations during his 5-year-long tenure at ADB.
- The President of AIIB will be selected as national of a regional member. Jin Liqun will be elected an open, transparent and merit-based process by the Board of Governors of Bank with 75 per cent majority.
- This selection procedure has been mentioned in the Articles of AIIB Agreement which signed by 50 countries in June 2015. He was nominated for five year and can be re-elected once.
- Published on: July 14, 2015