The Asian Infrastructure Investment Bank (AIIB) is the strongest bank in Asia. It is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 57 member states (all "Founding Members" and was proposed as an initiative by the government of China. The bank started operation on Dec. 25, 2015, with an initial capital of 100 billion U.S. dollars, one million shares, and an initial paid-up capital of 20 billion U.S. dollars.

Nigeria’s former minister of finance, Dr. Ngozi Okonjo-Iweala, was appointed as a member of the international advisory panel of Asian Infrastructure Investment Bank (AIIB) on Friday among ten others. The panel members will advise the Bank on the development strategy said AIIB President, Jin Liqun.
According to AIIB Senior Communication Officer, Mr. Song Liyan “The panel provides impartial, objective and independent advice to the President, allowing the bank to benefit from the international experience and expertise of panel members,”

Mr. Jin Liqun went on to say, “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. I have no doubt that the advice the panel provides will help shape the development of the Bank in the years ahead. I could not ask for a better group of ambassadors to help promote our new Bank to the world,”

Asia is in a move that will transform the world. Gathering people of such quality and wealth of experience is something that is worth applauding. On the 1st of October the International Monetary Fund (IMF) stunned world markets by approving China’s currency as a major world currency.

A number of African central banks are applying to the Chinese Central Bank for currency swaps, with Zimbabwe and Ghana already using the RMB as part of their reserve currency. Nigeria could also shift more of its foreign reserves into Chinese yuan from dollars as the RMB gains greater traction in global trade.

The other ten people that were appointed are former Bank Negara Malaysia governor Dr. Zeti Aziz, former Pakistan Prime Minister Shaukat Aziz, and former Swedish finance minister Anders Borg, former Timor-Leste finance minister Emilia Pires, former World Bank chief economist Nicholas Stern, former Japanese Prime Minister Yukio Hatoyama, Global Foundation secretary-general Steve Howard, Korea National Diplomatic Academy chair professor and former South Korean deputy prime minister and strategy and finance minister Dr. Oh-Seok Hyun, former U.S. ambassador Paul Speltz, and London School of Economics professor and former Hong Kong chief executive Tung Chee-Hwa.


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