AIIB holds opening ceremony, inaugural meetings
29 January 2016
The Asian Infrastructure Investment Bank held its opening ceremony and inaugural meetings of the Bank’s Board of Governors and Board of Directors on 16-17 January 2016 in Beijing. The Bank is expected to begin lending in the second half of 2016.
The Bank currently consists of 57 founding and prospective founding members, of which 37 are regional members and 20 are non-regional members.
As of 17 February 2016, 30 countries have ratified the AIIB’s Articles of Agreement. The remaining prospective founding members have until 31 December 2016 to lodge ratification instruments with AIIB management.
There are 12 constituencies represented on the Board by a Director and Alternate Director. At its inaugural meeting, Mr Chris Legg was elected Director and Mr Lee Pak Sing was elected Alternate Director to represent Australia, New Zealand, Singapore and Vietnam.
Mr Legg has held senior Board and adviser positions at the World Bank and the IMF, including Alternate Executive Director at the World Bank (1995-1999) and the IMF (2008-2010) and Executive Director at the IMF (2010-2012). He is currently Chief Advisor, Macroeconomic Group at the Australian Treasury.
Mr Sing is Director of the International Department at Singapore’s Ministry of Finance.
The AIIB Board of Directors is a non-resident board and will meet at least quarterly. The Board has established the operational and governance policies of the Bank, including a Business Plan and an Environmental and Social Framework. The second meeting is currently scheduled for April 2016.
The Bank has budgeted for a lending volume of at least US$500 million in 2016.
The AIIB President is Mr Jin Liqun and is assisted by five Vice Presidents. More information can be found on the AIIB website.
Business and non-government organisations from Australia, New Zealand, Singapore and Vietnam that would like further information should contact AIIB@Treasury.gov.au.