China nominated Jin Liqun, former Chinese Finance Minster, for the post of AIIB President

Former Finance Minster of China Jin Liqun was in news as on 6 July 2015 he was nominated by China to be the first president of the Beijing-backed Asian Infrastructure Investment Bank (AIIB).

At present, Jin (65) is Secretary General of AIIB's interim secretariat. Earlier, he has held positions at the World Bank and was the first Chinese national to serve as a vice president at the Japan-controlled Asian Development Bank (ADB).

During his 5-year-long tenure at ADB, Jin headed its programmes for South, Central and West Asia and private sector operations.

Before joining AIIB in 2014, Jin was chairman of China International Capital Corporation, one of the mainland's largest investment banks.

He holds a master's degree in English Literature from the Beijing Foreign Studies University and was a Hubert Humphrey Fellow in Boston University's economics graduate programme.

About the AIIB President
In accordance with the Articles of Agreement signed by 50 countries on 29 June 2015, the President of AIIB shall be elected through an open, transparent and merit-based process by the Board of Governors. The president should be a national of a regional member.

The term of office of the president will be five years, and a president can be re-elected once.

The nominations for the post of president can be sent by the regional members by 31 July 2015 and the name of the president-designate will be finalised at the 6th Chief Negotiators' Meeting of the AIIB founding members in August 2015.

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