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 on January 16, 2021.
“It has been a tremendous privilege to lead the Asian Infrastructure Investment Bank during its foundational years,” said Liqun. “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 President 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 credit rating agencies, Standard & Poor’s, Moody’s and Fitch. Permanent Observer status was also granted by the UN 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, mobilise private capital and bridge digital divides in our region,” added Jin.
The presidential election, conducted by acclamation, occurred during the bank’s fifth annual meeting of the board of governors held on Tuesday, July 28, 2020.
Indian Finance Minister Attends Board Meeting
India’s Minister of Finance & Corporate Affairs, Nirmala Sitharaman attended the 5th annual meeting of the board of governors of the Asian Infrastructure Investment Bank (AIIB) through video conference.
Sitharaman was identified as a lead speaker at the roundtable discussion. In her intervention, she appreciated AIIB’s efforts in fast-tracking financial assistance of about $10 billion to its member countries including India to combat the COVID-19 pandemic. Sitharaman mentioned about Prime Minister Narendra Modi’s initiative of creating a COVID-19 emergency fund for SAARC Nations and India’s efforts in supplying critical medical health kits to tackle the COVID-19, and now supporting global efforts of COVID-19 vaccine trials. Besides, she highlighted India’s participation in the “G20 Debt Service Suspension Initiative”.
Sitharaman also outlined various measures taken by the Govt of India to respond to the COVID-19, including the $23 Billion Pradhan Mantri Garib Kalyan Yojana (PMGKP) and $295 billion Atmanirbhar Bharat Package (ANBP), which aim at protecting all sectors and sections of the economy.
The finance minister mentioned that to give a boost to the infrastructure development, India had launched the National Infrastructure Pipeline (NIP) 2020-2025 with an estimated expenditure of $1.4 trillion and that had created a plethora of fresh investment opportunities in partnership with AIIB. Furthermore, she mentioned some of the expectations from the bank, including the introduction of new financing instruments, mobilising private sector finance, providing financing for social infrastructure to achieve UN’s Social Development Goals (SDGs) 2030, and integrating the development of climate-resilient and sustainable energy access infrastructure into the recovery response to the COVID-19 crisis.
Sitharaman called upon AIIB to establish a regional presence that would aid in effective project management and implementation.