(20 January 2016 – China) The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) declared the Bank open for business last week, electing Mr. Jin Liqun as President for a five year term.
The Chinese led competitor to the US based Wold Bank, is aiming to provide between US$10 billion to US$15 billion (A$14.6 billion to A$21.6 billion) per year for the first five or six years in capital for infrastructure projects. Operations are expected to start in the second quarter this year
Following his election, Liqun said “I am deeply honoured to be elected as the first President of the Asian Infrastructure Investment Bank. I would like to thank the 57 member countries for the trust that has been placed in me, and for the support they have given the establishment of the Bank over the last couple of years. AIIB is now ready to join the family of multilateral financial institutions, investing in sustainable infrastructure for the improvement of lives across Asia”.
Liqun told reporters on Sunday: “We already have a very good pipeline of co-financing projects (with other international development banks) and stand alone projects. Loans will be offered in US dollars but the bank may opt to raise funds in other currencies, including the euro and the yuan.
“As we all know, Asia faces severe connectivity gaps and significant bottlenecks. It's critical to address the need because building infrastructure is a foundation for robust economic growth and expands economic opportunities and improves the quality of life for everybody,” he added.