The boss of a newly formed global investment bank has confirmed the appointment of Sir Danny Alexander to its management team.
President of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, also confirmed that the UK will lead a constituency of AIIB members from wider Europe.
The bank, which opened its doors in January, is a multilateral development bank (MDB) based in Beijing and backed by 57 countries. It will focus on the development of infrastructure and other sectors in Asia, including energy and power, transportation and telecommunications, agriculture development, water supply and sanitation, environmental protection and urban development. The AIIB was proposed by the government of China in 2013 after it was estimated the region would need £5.5trillion to be invested in infrastructure over 10 years for the region to continue economic development.
Sir Danny, the former MP for Inverness, Nairn, Badenoch and Strathspey before losing his seat to the SNP in May’s general election, said:”I look forward to using my experience and skills, including as chief secretary to the Treasury during one of the most challenging recent times for the UK economy, to help ensure the AIIB succeeds.
“I will relish the challenge of being part of this new institution as it establishes itself as a crucial part of the multilateral landscape, supporting growth, tackling climate change, and helping drive up living standards in Asia. The creation of the AIIB is the right initiative at the right time to meet these challenges, and I am committed to doing all I can to support the success of the bank.”
Chancellor George Osborne said:”I am delighted that President Jin Liqun has appointed Sir Danny Alexander for a Vice-President role at the AIIB. I worked very closely with Danny over the last five years. I know him to be a person of real intelligence and integrity and from his record as chief secretary to the Treasury – where he helped turn around the UK public finances and oversaw the coalition’s infrastructure programme – will bring a huge amount of experience that will be a huge asset in setting up this important international body.
“Danny’s appointment, together with the UK’s position on the AIIB board of directors, demonstrates that the UK is playing a crucial role as the AIIB is formally established. Britain’s influence is being felt across the world.”