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On May 19, China's Finance Minister and Governor for China at the Asian Infrastructure Investment Bank (AIIB), Mr. Liu Kun, nominated incumbent AIIB President Jin Liqun as candidate for a second term in the position.

The AIIB was initiated by President Xi Jinping on behalf of the Chinese government in October 2013 and was officially founded on Dec. 25, 2015. On Jan.16 and 17, 2016, the Opening Ceremony, Inaugural Board of Governors Meeting and Inaugural Board of Directors Meeting were convened in Beijing, China, where Mr. Jin was elected as the inaugural president for a term of five years.

Over the past four years, while upholding the core values of "lean, clean and green", and advancing international, rule-based and high-standard operations, the AIIB has also supported infrastructure connectivity and facilitated regional economic cooperation and integration. The number of its members has currently expanded from the initial 57 to 102, covering Asia, Europe, North America, South America, Africa and Oceania. The AIIB has approved 71 projects, with a total commitment of USD 14.27 billion, covering energy, transportation, finance, water and urban sectors.

The Articles of Agreement of the AIIB stipulate that the President of the Bank shall be elected through an open, transparent and merit-based process and the President shall be a national of a regional member. According to the Rules for the Election of the President approved by the Board of Governors, the AIIB launched the process for election of the 2nd President today (May 19, 2020) and will elect the President at the Fifth Annual Meeting of the Board of Governors to be held on July 28, 2020. The term of the newly elected President will commence on Jan. 16, 2021.