Baku, Azerbaijan, Sept. 1
By Anvar Mammadov - Trend:
Jin Liqun, the president of the Asian Infrastructure Investment Bank (AIIB) was elected at the sixth meeting of the chief negotiators from 57 member-states of the bank August 24. Liqun will assume his duties September 1, AIIB said.
"The decision on Liqun's appointment will be confirmed at the first meeting of the AIIB Governors' Council by late 2015," the statement says.
Earlier, Liqun served as Deputy Finance Minister of China and also worked with a number of bilateral and multilateral economic and financial forums.
"The purpose of AIIB is to improve the living conditions of the Asian peoples and future generations of Asia," Liqun said. "Asia's development will have a positive impact on other regions of the world. I am grateful to the member-states of the bank for the support rendered to China in establishing this financial institution. I promise to do my best for the bank to comply with all high standards of the bank."
An agreement on AIIB establishment was signed in Beijing in June. The agreement was signed by the bank's 57 founding members, including Azerbaijan. Officially, the bank will begin its work by the end of the year. The company's headquarters is located in Beijing.
AIIB's authorized capital is $100 billion. The share of regional members of the bank will hit 75 percent. China will be the largest shareholder of the bank. Its share is 29.78 percent of the voting shares. Azerbaijan's share in the bank's capital will hit 0.25 percent. Some $254.1 million will be invested in their purchase.
Currently, 1.6 percent of the bank's shares remain undistributed.
The Azerbaijani government officially expressed interest in becoming one of the AIIB founders March 31, 2015. In April, Azerbaijan was confirmed as one of the countries that joined AIIB.
The Asian Infrastructure Investment Bank is being created as a multilateral development bank that will render financial assistance for more qualitative development of the production infrastructure in Asia.
The objectives of the Asian Infrastructure Investment Bank are to promote the economic development and cooperation in Asia by investing in infrastructure and other productive sectors, which will be considered as appropriate; to develop the regional cooperation and partnership in addressing the tasks in the field of development, to closely cooperate with other multilateral financial institutions.
The investments in infrastructure of developing regional members, including the power engineering, transport and telecommunications, agriculture, water supply, environment, urban planning and other productive sectors will be the priority areas of AIIB funding.
Edited by CN
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