These elections are a bit different than the first ones which elected Jin to his first term. The surge in infections in Europe led what the World Health Organisation said was a record one-day increase in global coronavirus cases. Increased geopolitical tensions are not helpful for an expanded agenda. READ MORE. The AIIB’s response to the G20’s call for co-ordinated international financial institution and multilateral development bank action in response to the pandemic reflects a similar dynamic. Hosted virtually by China, the meeting was attended by representatives of its 103 full and prospective members, reappointing president Jin Liqun for a second five-year term.
The first test of whether AIIB will follow a similar pattern will be if Jin has challengers in the race to lead the China-based institution. Crown director Harold Mitchell is being questioned by the NSW inquiry, he claims he was unaware of the company had staff active in China. Asian Infrastructure Investment Bank (AIIB), Tower A, Asia Financial Center, No.1 Tianchen East Road, Chaoyang District, Beijing 100101Tel: +86-10-8358-0000, © 2014-2020 AIIB. AIIB will do several test runs to ensure that the board meeting will go smoothly, and try to help strengthen internet connections where they are weak so that every shareholder can participate and ask questions, Alexander said. In carefully prescribed circumstances, the bank will also provide general budget support. The rules for the election of the president, which the board of governors adopted in December, also require that the candidate has “a track record of executive leadership, impeccable integrity, and familiarity with infrastructure and international development challenges, particularly in Asia.”, ► AIIB launches health infrastructure investments in response to COVID-19. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. The process will “allow all to be treated equally and fairly,” he added. WASHINGTON — The Asian Infrastructure Investment Bank is accepting nominations for president in the first full election process since the bank was established, and there’s already one candidate — China-nominated, sitting AIIB President Jin Liqun, to a second term. How far should the bank seek to transform itself into a global, as opposed to a regional, lender? The facility will allow the bank to finance immediate health sector needs, buttress existing investments in infrastructure as well as support social and economic resilience more generally. There are also procedures for the unlikely case in which no candidate is able to get the required number of votes through multiple rounds. The meeting will also be a good opportunity to check in about AIIB’s COVID-19 response, he added. Adva Saldinger is an Associate Editor at Devex, where she covers the intersection of business and international development, as well as U.S. foreign aid policy. President Jin’s second five-year term will begin Jan. 16, 2021. On July 28, 2020, Jin Liqun was elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank’s Board of Governors.The election result was announced by the Chair of AIIB’s Board of Governors. He is supported by our Senior Management which includes five Vice Presidents responsible for policy and strategy, investment operations, administration and the corporate secretariat and the General Counsel, Chief Risk Officer and Chief Financial Officer. … So getting that right is really important.”. How can it better address the needs of its low-income members without seeking additional grant resources? Ironically, persistent US and Japanese concerns that the AIIB is a vehicle of enhanced but undesirable Chinese influence would be best addressed by these countries joining the bank. Meanwhile, geopolitical considerations continued to provide an important subtext for the conference.
… So getting that right is really important.”.
The Reserve Bank says measures such as loan deferrals have helped stricken home owners but as borrowers reach the end of payment holidays the risk of defaults rises and property prices fall. The bank’s willingness to partner flexibly with other MDBs – and their readiness to recognise the AIIB as a respected member of the MDB community (and draw on its unused available capital) – has been an important element in its early success. About AIIB A candidate must receive approval from two-thirds of the board to win. President Jin’s second five-year term will begin Jan. 16, 2021. The bank’s central focus on addressing an agreed infrastructure financing gap remains comparatively safe territory for a multilateral institution still perceived by many to be "China’s bank".
The organisation has also demonstrated a willingness to innovate in stimulating green private-sector financing. Follow updates here. It has robust multilateral governance arrangements and promises to lift standards for cross-border infrastructure investments, including in partnership with Chinese bilateral lenders. The bank is working on its corporate strategy and what its agenda will look like in the next decade and will likely give people a chance to engage on those topics, Alexander said. The AIIB is testimony to both the continuing potential for successful multilateralism and the need to carefully navigate the challenges and acknowledge the constraints that come with co-operation in today’s more divided world. A woman is tested for COVID-19 in Hyderabad, India: the AIIB has established a $US13 billion COVID-19 Crisis Recovery Facility.
“It was a different situation then,” he said. Unfortunately, prospects of this have dimmed and the broad support that helped create the AIIB may be harder to replicate today. This annual meeting, including the board meeting, will also be online, which has been a bit of a headache and has made the process more complex, but AIIB has a nonresident board of directors and is used to running virtual meetings for that smaller group, Alexander said. Jin had previously been designated by the founders as AIIB’s leader but was formally elected at the inaugural meeting, which signaled the first day of the bank’s existence, Alexander said. At stake is Crown's suitability to hold a gaming licence in Sydney. This will require finely balanced positioning on some difficult issues. Those individuals will have an opportunity to meet with members of the board and will present their ideas and answer questions during the annual meeting, which will be held virtually on July 28.
* Includes affiliates that are directly or indirectly controlled. Should it extend its operations higher up the project cycle, and how should it seek to influence the investment and policy environment? Waste-to-Energy Project in Maldives Gets AIIB Support. AIIB sanctions firms and individuals that have engaged in fraud and corruption in AIIB-financed projects, contracts and activities in violation of the Policy on Prohibited Practices (PPP). The candidate must be nominated by a member of the bank’s board of governors and be a national of one of AIIB’s regional members. It also aligns well with an Asian (particularly Chinese) narrative, however selective, around infrastructure as a driver of development. Funds have been reallocated to subsidise borrowing costs for low-income members.
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