Business / Economy

AIIB chief vows to run clean, lean, green institution

By ZHENG YANGPENG (China Daily) Updated: 2016-01-18 01:17


AIIB chief vows to run clean, lean, green institution

Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), speaks at a press conference in Beijing, capital of China, Jan. 17, 2016. [Photo/China Daily]

The Asian Infrastructure Investment Bank will be a 21st-century multilateral lender with rigorous corporate culture, its first president said on Sunday.

It will have a "lean staff" and will strive to avoid red tape, according to Jin Liqun.

Jin, making his debut appearance as the bank’s president, said at a news conference that he envisions a bank that is "clean, lean and green".

It will combine the merits of existing multilateral development banks and competitive private companies, he said.

"I’m committed to running the bank according to the highest possible standards and according to the principles outlined in the articles of agreement — transparency, openness, accountability and independence," said Jin, who spoke in English.

That is not just words. With his insistence, AIIB has refrained from building a resident board of directors, a feature that he and other MDB veterans complained of making these institutions costly and ineffective.

He vowed to set a "clear division of responsibility" between the bank’s board and management, saying there will be a special unit on compliance, effectiveness and integrity, which will exercise oversight of the management and report directly to the board.

To fulfill the "lean" commitment, staff members in the bank’s first year will only be increased to between 100 and 150. The initial staffing level is 50.

Referring to the "clean" commitment, Jin said implementation of this is crucial.

"It is important that you don’t just have something brilliant on paper, it is important to implement it. ... As president of the bank, I will ensure that the oversight mechanism is implemented without any compromise."

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