Jin Liqun Photo: CFP

China has formally nominated Jin Liqun, former vice finance minister, as the candidate for the post of president of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance (MOF) announced on Monday.

Jin was nominated by the Chinese government based on procedures approved by finance ministers of the AIIB founding members in Beijing on June 29.

A major agreement which outlines the bank's objectives, operating principles, governance structure and decision-making mechanisms was signed during the meeting.

Jin, born in 1949 and currently the secretary-general of the interim multilateral secretariat for establishing the AIIB, has a rich leadership experience in the government, public and private sectors, as well as multilateral development organizations, according to a statement from the MOF. 

From 2003 to 2008, Jin served as vice president of the Asian Development Bank in charge of programs for South, Central and West Asia and private sector operations.

Jin has also served as the chairman of the Supervisory Board of China Investment Corp, the country's sovereign wealth fund, as well as the chairman of China International Capital Corp.

China is the largest shareholder of AIIB with a 30.34 percent stake. Jin is very likely to be appointed the AIIB president as China will initially have a 26.06 percent share of the votes at the bank, giving it veto power over the choice of the president, which requires a 75 percent majority, AFP reported on Monday.

According to the criteria for the selection of the AIIB president, the candidate should be a citizen of an Asian country. The selection will be conducted through a transparent and merit-based process.

Founding members of the AIIB should nominate their candidates before July 31, and a final list of candidates will be confirmed at the 6th Chief Negotiators' Meeting of the prospective founding members in late August.

The president will be elected at the inaugural meeting of the bank's board of governors after it is officially launched, expected to be later this year, the statement of the MOF said.

The AIIB, to be located in Beijing, will have an authorized capital of $100 billion.

Asian members are required to contribute up to 75 percent of the bank's total capital, leaving the rest to non-Asian members, according to the bank's articles of agreement signed on June 29.