China Nominates Ex-Deputy Finance Minister to AIIB Presidency

© AP Photo / Wang Zhao/PoolChinese President Xi Jinping, center right, speaks to Swiss Economy Minister Johann Schneider-Ammann as he meets with delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing
Chinese President Xi Jinping, center right, speaks to Swiss Economy Minister Johann Schneider-Ammann as he meets with delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing - Sputnik International
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China has officially nominated a former deputy finance minister of the country to the post of president of the Asian Infrastructure Investments Bank (AIIB), a Chinese Foreign Ministry spokeswoman said Monday.

BEIJING (Sputnik) – According to AIIB procedures, each founding member has until July 31 to nominate a candidate; the appointment will be subject to a vote by the board of directors in late August.

"The Chinese government has officially nominated Jin Liqun as a candidate for the Asian Investment Bank’s presidency," Hua Chunying said at a briefing.

The spokeswoman hailed Jin’s "extensive experience in leading and managing government and international organizations as well as private companies."

Jin Liqun used to work at the World Bank and as vice-president of the Asian Development Bank. He was appointed AIIB’s secretary general of the Multilateral Interim Secretariat last October.

Chinese President Xi Jinping, center right, speaks to Swiss Economy Minister Johann Schneider-Ammann as he meets with delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing - Sputnik International
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Some 50 AIIB founding members signed the bank’s charter on June 29 in Beijing. The bank has a total of 57 prospective founding members, with the remaining seven nations expected to sign the bank’s founding document later in the year.

The three major shareholders of the AIIB are China with 30.3 percent, India with 8.5 percent and Russia with 6.7 percent of the bank’s shares, with voting-rights apportioned in roughly the same way.

The AIIB, a China-led financial institution, was set up primarily to invest in infrastructure projects in the Asia-Pacific Region. The AIIB is expected to start operating by the end of 2015.

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