Beijing will be the venue to host the first annual Asian Infrastructure Investment Bank (AIIB) meeting slated for June and lending is expected to start in the second quarter, China Daily reported on Thursday.
The meeting will come just five months after the bank becomes formally operational this month, according to a source at the Chinese Ministry of Finance.
On January 16-18, the AIIB board of governors and board of directors’ will meet in Beijing where they will elect the first president and 12 constituency directors. Also on the agenda will be drafting rules on operations, financing, and human resources, the China Daily said.
The AIIB will likely welcome additional countries to join this year, as long as they receive approval from over half of the governors who hold more than half of the voting rights, according to the report.
Jin Liqun, president-designate of the bank, in an article published in the People’s Daily on Tuesday said that the first loans are expected to be granted in the second quarter of this year.
Established in 2014, the AIIB — China’s alternative and potential rival to the Asian Development Bank (ADB) and the western-led International Monetary Fund (IMF) and World Bank — is aimed to finance much-needed Asian infrastructure projects such as construction of roads, railways, and airports. The bank’s headquarters will be located in Beijing and English will be its working language.
Currently, there are 57 prospective founding members in the bank, including China, Russia, India, Saudi Arabia, Iran, Germany, France, and the United Kingdom.
According to the Philippines-based ADB, Asia needs $8.22 trillion worth of infrastructure investment in the current decade to address the region’s fast population growth and its high pace of urbanization.