Latest News | Jin Liqun Reappointed President of AIIB for 5 Years

New Delhi, Jul 28 (PTI) The Asian Infrastructure Investment Bank (AIIB) on Tuesday said its board of governors has elected Jin Liqun for a second term as the institution's president.

The election result was announced by the chair of AIIB's Board of Governors during the Bank's fifth annual meeting on Tuesday, the bank said in a statement.

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AIIB President Jin's second five-year term will begin January 16, 2021.

"It has been a tremendous privilege to lead the Asian Infrastructure Investment Bank during its foundational years," said Jin.

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"We have established high standards of governance, we are investing in projects that improve lives and livelihoods, and we are establishing ourselves in global capital markets," he said.

Jin added that a lot has been achieved thanks to the efforts of the AIIB's staff and its board, plus the support granted to the Bank from its members and the development community.

Under Jin's leadership, the Beijing-based multilateral funding institution has grown from 57 founding members to over 100 approved members from around the world.

"As we look forward to the next decade, we will expand our investments from core infrastructure to the infrastructure for tomorrow — infrastructure that will tackle climate change, enhance connectivity within Asia and the rest of the world, mobilise private capital and bridge digital divides in our region," he said.

Currently, India has a 7.65 per cent vote share in the AIIB, while China holds a whopping 26.63 per cent stake in the organisation.

The bank has also maintained the highest credit ratings with a stable outlook from major credit rating agencies — Standard & Poor's, Moody's and Fitch. The permanent observer status was also granted by the United Nations in recognition of the AIIB's relevance and contribution to the United Nation's development mandate.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)