China nominates Jin Liqun for President of AIIB
China has nominated its former finance Minister Jin Liqun as the Presidential candidate for $100 billion Asian Infrastructure Investment Bank (AIIB).
Presently, Jin is Secretary General of AIIB’s interim secretariat. Prior to this he was chairman of China International Capital Corporation (CICC), one of the mainland’s largest investment banks.
He also had held various positions at the World Bank. He 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.
President of AIIB
- The President of AIIB will be national of a regional member.
- Election process: He will be elected an open, transparent and merit-based process by the Board of Governors of Bank with 75 per cent majority.
- This procedure has been mentioned in the Articles of AIIB Agreement which signed by 50 countries in June 2015.
- Term: Five years and can be re-elected once.
Jin Liqun will be elected as AIIB President as China has 26.06 per cent share of the votes (especially veto) in the bank which is seen as a rival to the U.S. and Europe-dominated banking institutions. The post of vice-president by virtue may be given to India as it second largest shareholder in the bank.
For more information on AIIB: Click here
Month: Current Affairs - July, 2015