Photograph — ECOWAS Ttribune

Nigeria’s former Minister of Finance, Dr Ngozi Okonjo – Iweala, has been appointed as a member of the international advisory panel of Asian Infrastructure Investment Bank (AIIB). This was made known at the first meeting of the Asian Infrastructure Investment Bank’s International Advisory Panel, which took place on October 19, 2016, in Beijing.

“It is a great honor to convene such an experienced and diverse group of international leaders to advise on the development of the Bank’s strategy,” Song Liyan, AIIB Senior Communication Officer quoted AIIB President, Jin Liqun.

This is Ngozi’s third international appointment after leaving the office of Nigeria’s Finance Minister. It would be recalled that Ngozi had two appointments in the same week September 2015. She was appointed the board chair of GAVI Alliance, and a Senior Adviser at Lazard, a financial advisory and asset management firm.

The other members of the AIIB panel include:

  • Shaukat Aziz – Former Prime Minister of Pakistan
  • Zeti Akhtar Aziz – Former Governor of Bank Negara Malaysia, Malaysia’s Central Bank
  • Anders Borg, – Former Finance Minister of Sweden
  • Yukio Hatoyama – Former Prime Minister of Japan
  • Steve Howard – Secretary General of the Global Foundation
  • Oh-Seok Hyun – Chair Professor of the Korea National Diplomatic Academy and Former Deputy Prime Minister and Minister of Strategy and Finance of Korea.
  • Emilia Pires – Former Finance Minister of Timor-Leste
  • Paul Speltz – Former U.S. Ambassador, Chairman and CEO of Global Strategic Associates
  • Lord Nicholas Stern – Professor at the London School of Economics, Former Chief Economist of the World Bank
  • Tung Chee-Hwa – Former Chief Executive of Hong Kong SAR

Dr Ngozi Okonjo-Iweala was Nigeria’s Minister of Finance and Foreign Affairs from 2003 to 2006, and from 2011 to May 2015. During her tenure as the Minister of Finance, she led negotiations with the Paris Club of Creditors in 2005 that led to the clearing of US$30 billion of Nigeria’s external debt. Prior to her appointment as minister, she worked as one of the Managing Director’s of the World Bank for four years; a position which includes special oversight for the Bank’s operations in Eastern Europe and Central Asia, South Asia and Africa. Dr. Okonjo-Iweala is a recipient of numerous awards, such as Euromoney Magazine Global, Finance Minister of the year, and Time Magazine’s European Hero of the Year Award.

What you need to know about AIIB

  • AIIB is a multilateral international development bank.
  • It was set up on December 25, 2015.
  • It as set up with an initial capital of $100 billion (RM419bn), one million shares and an initial paid-up capital of $20 billion
  • The AIIB has signed non-binding Memoranda of Understanding with the Asian Development Bank, the European Bank for Reconstruction and Development and the European Investment Bank.

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