China on Monday nominated Jin Liqun as the president-designate of the Asian Infrastructure Investment Bank (AIIB). A selection process for president-designate was agreed upon in the Special Ministerial Meeting of Prospective Founding Members in Beijing on June 29, 2015.

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, vice-president and ranking vice-president of the Asian Development Bank, chairman of the Supervisory Board of China Investment Corporation, and chairman of China International Capital Corporation Limited, according to a statement from the Chinese Ministry of Finance.

According to provisions as provided in the Articles of Agreement of the AIIB, which was adopted by the 5th Chief Negotiators' Meeting, the president of the AIIB shall be elected through an open, transparent and merit-based process. The president should be a national of a regional member.

To provide for continuity of leadership through the bank's establishment process and its early years and to enable the bank to be set up and start operations soon after its establishment, the bank's 57 prospective founding members have agreed to select a president-designate as early as possible, and agreed on the selection process in the Special Ministerial Meeting on June 29.

The deadline for nominations for president-designate is July 31, 2015, 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. The president-designate is expected to be elected as president by the Board of Governors at its inaugural meeting through process as provided in the Articles of Agreement.

(Chinadaily.com.cn July 6, 2015)