AIIB President to be elected next month

China's Finance Minister Lou JiweiAIIB President: The Asian Infrastructure Investment Bank (AIIB) will elect its first president when it convenes next month, China’s Ministry of Finance announced last Friday after the bank formally came into being. Both the bank’s board of governors and directors will meet in Beijing between January 16 and 18 to kick off operations after its charter won the approval of 17 countries – including Australia, the UK, South Korea and Germany – who between them represent the requisite 50.1% of its total subscribed capital. Twelve directors, one for each electoral region, will also be elected at the meeting.
“The launch of the AIIB marks a milestone for the reform of the international governance system,” Finance Minister Lou Jiwei said. “As a new player in the system, the AIIB will work alongside existing multilateral development banks, such as the World Bank and Asian Development Bank, to contribute to infrastructure connectivity and sustainable economic growth in Asia.” 
The AIIB has 57 prospective founding members, and those who have not approved the charter by the time of the January meeting will still be able to participate but not as governors or directors, and will have a ‘grace period’ until the end of next year to approve the charter and become formal members. Once the bank becomes operational, countries can still apply for membership and join the $100bn bank as long as the board of governors approves the application. 
Rules on the bank’s operation, finances and human resources will also be discussed at the inaugural meeting and the bank is expected to grant its first loan in mid 2016.

Source: yibada