We are very pleased to welcome the AIIB Vice-President & Corporate Secretary, Sir Danny Alexander as our speaker for an update on the AIIB and the strategic issues it faces. The visit is well timed as the AIIB will have just held its first annual meeting from 25-26 June in Beijing.
Sir Danny is known to many from his prominent role in the UK Coalition Government from 2010-15, where he was Chief Secretary to the Treasury. He was Liberal Democrat MP for Inverness, Nairn, Badenoch & Strathspey from 2005-2015, and served as Chief of Staff to the party leader, Nick Clegg from 2005-2010. In February 2016 Sir Danny was appointed Vice President and Corporate Secretary at the Bank, where he manages the relationship between the Bank's Management and the Boards of Directors and Governors.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank (MDB) conceived for the 21st century by its host country, China. Through a participatory process, its founding members (including the UK, the first European country to join) are developing its core philosophy, principles, policies, value system and operating platform. The Bank's foundation is built on the lessons of experience of existing MDBs and the private sector. Its modus operandi will be lean, clean and green: lean, with a small efficient management team and highly skilled staff; clean, an ethical organisation with zero tolerance for corruption; and green, an institution built on respect for the environment. The AIIB will put in place strong policies on governance, accountability, financial, procurement and environmental and social frameworks.
The AIIB will focus on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics.
A senior UK official will also give an update on AIIB from the UK Government perspective.
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