(MENAFN- Kuwait News Agency (KUNA)) China on Monday nominated former vice minister of finance Jin Liqun as the country's candidate for the post of president of the Asian Infrastructure Investment Bank (AIIB), of which Kuwait is a founding member, the state-owned China Daily reported. Jin, secretary general of the Multilateral Interim Secretariat for Establishing the AIIB, has an outstanding leadership record in the public and private sectors, and multilateral development institutions, including serving as Chinese deputy finance minister and vice-president of the Asian Development Bank, according to the newspaper.
The China-initiated bank's 57 prospective founding members have agreed to select a president-designate as early as possible, and decided the selection process in a special ministerial meeting on June 29. The deadline for nominations for president-designate is July 31, according to the agreed process. The 6th Chief Negotiators' Meeting of the prospective founding members, to be held in late August, will select the president-designate. According to the AIIB, the multilateral bank will have authorized capital of USD 100 billion, and Asian and Oceanian countries will contribute up to 75 percent of the total capital.
Each member will be allocated a share of quota based on their economic size. China, India and Russia are the three largest shareholders, with a voting share of 26.06 percent, 7.5 percent and 5.92 percent, respectively. Kuwait, Oman and Qatar are among founding members of the bank, which was proposed by China in October 2013.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.