The Asian Infrastructure Investment Bank (AIIB) has announced on Friday, Feb. 5, the appointment of five vice presidents with work experience in both developed and emerging economies as well as multilateral institutions, the Xinhua News Agency reported.
In a press release issued by the AIIB, one of the new appointees includes Danny Alexander, who was chief secretary to the U.K. Treasury from 2010 to 2015, and now vice president and corporate secretary of the new development bank.
The report also identified Kyttack Hong, chairman and CEO of the Korea Development Bank, who will serve as vice president and chief risk officer.
D.J. Pandian, who has extensive experience and career spanning 30 years with the Indian Administrative Services, was appointed as the bank's chief investment officer.
The bank also picked Joachim von Amsberg, currently vice president of development finance at the World Bank, to serve as the AIIB's vice president of policy and strategy.
Luky Eko Wuryanto, who has served in various senior positions in the Indonesian government for 20 years, was also appointed by the AIIB as vice president and chief administration officer.
AIIB President Jin Liqun, former vice finance minister of China, said the leadership team is "an exceptionally strong and committed group who will bring wide and varied experience and a wealth of expertise that will serve the bank well."
China proposed the creation of the AIIB with the aim to support infrastructure projects in Asia. The bank has 57 prospective founding members and has an authorized capital of $100 billion.
The bank was formally established in Beijing in Dec. 2015 and started operation in January. The first elected chairman of the AIIB board of governors was Chinese Finance Minister Lou Jiwei.
A Reuters report said that the AIIB will start operations in the second quarter of 2016 and is expected to lend $10 billion to $15 billion a year for the first five or six years.
"We already have a very good pipeline of co-financing projects (with other international development banks) and standalone projects," Jin Liqun told the media during the launching in January, adding that although loans would be made in U.S. dollars, the bank may raise capital in other currencies including the euro and yuan.