The inaugural meeting of the Asian Infrastructure Investment Bank’s Board of Directors was convened in Beijing on January 17, 2016. The Board of Directors is made up of 12 Directors, of which 9 Directors represent regional members and the others non-regional members. Mr. Jin Liqun, President of the AIIB, chaired the meeting.
The Board approved key policies to enable the start of the Bank’s operations. These include: the 2016 Business Plan and Budget, and the Bank’s policies on compensation and benefits, finance and pricing, operational and corporate procurement, financing operations and the Public Information Interim Policy. The Board also discussed the Bank’s proposed environmental and social policy framework, anticipating final approval by late February, and the process and timetable for admitting new members into the Bank.
The AIIB’s Board of Directors serves on a non-resident basis and is expected to meet quarterly.
The AIIB, which will be located in Beijing, will be a new multilateral financial institution designed to provide financial support for infrastructure development and regional connectivity in Asia. The Bank is expected to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. It will also promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.
