Beijing to host 1st AIIB meet­ing

China Daily (Canada) - - TOP NEWS - By ZHENG YANGPENG zhengyang­peng@ chi­nadaily.com.cn

The Asian In­fra­struc­ture In­vest­ment Bank is to hold its an­nual meet­ings in June each year, with the first be­ing con­vened this year in Beijing, ac­cord­ing to a Fi­nance Min­istry of­fi­cial.

The meet­ing will come just five months af­ter the bank be­comes for­mally op­er­a­tional this month, ac­cord­ing to the of­fi­cial, who de­clined to be named.

The first meet­ings of the bank’s board of gov­er­nors and board of direc­tors, due to be held from Jan 16 to 18, will elect the first pres­i­dent and 12 con­stituency direc­tors. It will also draw up rules on oper­a­tions, fi­nanc­ing and hu­man re­sources.

The AIIB’s an­nual meet­ings will gather gov­er­nors — usu­ally rep­re­sented by fi­nance min­is­ters of each found­ing mem­ber. The meet­ings could also be held in other cities, the of­fi­cial said.

When the $100 bil­lion mul­ti­lat­eral lender was for­mally launched on Dec 25, 17 prospec­tive found­ing mem­bers, rep­re­sent­ing 50.1 per­cent of the sub­scribed cap­i­tal, had seen their do­mes­tic leg­is­la­tures rat­ify the bank’s char­ter — a crit­i­cal con­di­tion for the bank to be legally valid.

Since then, an­other two mem­bers, Rus­si­aandtheMal­dives, haveap­provedthe char­ter, with the 19 coun­tries rep­re­sent­ing 56.77 per­cent of the sub­scribed cap­i­tal.

The other 38 prospec­tive found­ing mem­bers are ex­pected to have the char­ter — for­mally known as the Ar­ti­cles ofA­gree­ment— ap­proved do­mes­ti­cally be­fore the dead­line at the end of this year.

Coun­tries that have not for­mally sub­scribed to the char­ter will be al­lowed to take part in this­month’sboardof gov­er­nors and direc­tors meet­ings as ob­servers and con­stituency rep­re­sen­ta­tives.

The AIIB is likely to wel­come more coun­tries this year. Na­tions can join as long as they re­ceive ap­proval from more than half of the gov­er­nors who hold more than half of the vot­ing rights.

Jin Liqun, pres­i­dent-des­ig­nate of the bank, wrote in an ar­ti­cle pub­lished in Peo­ple’s Daily on Tues­day that the first loans are ex­pected to­be­granted in the sec­ond quar­ter.

Ini­tial pri­or­ity fi­nanc­ing

Oct 24, 2014:

March 2015:

April 15:

June 29:

Dec 25: sec­tors in­clude en­ergy and power, com­mu­ni­ca­tions, ru­ralde­vel­op­ment, wa­ter­sup­ply and treat­ment, en­vi­ron­men­tal pro­tec­tion and lo­gis­tics.

Jin said the AIIB is com­mit­ted to in­vest­ing in dig­i­tal in­fra­struc­ture.

The bank has been born in the in­for­ma­tion era, so In­ter­net-based in­no­va­tive think­ing andthe abil­ity to­con­tribute to in­for­ma­tion in­fra­struc­ture will be­come the bank’s “unique ad­van­tage”.

It can also draw on the ex­pe­ri­ence of es­tab­lished mul­ti­lat­eral de­vel­op­ment banks, giv­ing it an­other ad­van­tage, Jin said.

“The AIIB will se­ri­ously study the Chi­nese gov­ern­ment’s In­ter­net Plus strat­egy and the Euro­pean Union’s Dig­i­tal Sin­gle Mar­ket ini­tia­tive as well as other dig­i­tal ini­tia­tives pro­posed by de­vel­op­ing coun­tries,” Jin added.

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