Asian Infrastructure Investment Bank

China-led AIIB sets date to hold first annual meeting in Beijing

President Jin said last month that the board would discuss new membership in June.

PUBLISHED : Friday, 13 May, 2016, 4:01am
UPDATED : Friday, 13 May, 2016, 4:01am

The China-led Asian Infrastructure Investment Bank plans to hold its first annual meeting on June 25 and 26 in Beijing.

“Governors and representatives from the bank’s 57 members, along with invited observers from the international partners will take part in the meeting,” it said yesterday.

The bank did not offer details on the meeting, but its president Jin Liqun said in Hong Kong last month that the board would meet to discuss new membership in June.

AIIB and World Bank reach deal on joint projects, as China-led lender prepares to approve US$1.2 billion of funds this year

He talked up Hong Kong’s entry within the year, hoping to tap the city’s financial strength in raising and managing funds.

Taiwan has said it will not join the lender, after Jin said the island must follow the Hong Kong model in having the mainland’s Ministry of Finance apply on its behalf in line with the bank charter.

The bank has 57 members, but Jin said a further 30 countries and economies had indicated a firm intention to join and hoped the eventual number of members would reach 100.

Taiwan says it will not join Beijing-led AIIB after rejecting condition that ‘violates dignity’

The United States and Japan see the AIIB as a potential rival to financial institutions such as the World Bank and Asian Development Bank, which they dominate, and have declined to join.

Jin expected the AIIB could have an asset portfolio of US$1.5 billion in the first year and potentially reach around US$4 billion-US$5 billion of lending after five years.

The AIIB officially started operation on January 16 after a high-profile inaugural ceremony. One month ago, it announced it would co-finance a dozen projects with the World Bank and these were expected to make up a majority of the AIIB’s business this year.