China-Led AIIB Names Its First Chief Economist

What’s news: The Asian Infrastructure Investment Bank (AIIB) has named its first chief economist since it began operating in 2016, according to an official statement. Swedish economist Erik Berglof assumed the position on Tuesday.

What’s the background: Initiated and led by China, the Beijing-based multilateral development bank specializes in funding infrastructure projects in Asia and other parts of the world. Currently, it has 103 members worldwide and has approved investments in 92 projects totaling nearly $20 billion, according to data on its website.

Before joining the AIIB, Berglof served as chief economist of the European Bank for Reconstruction and Development, a London-based multilateral development bank, from 2006 to 2015. He was also a professor at the London School of Economics and Political Science.

“I am delighted to welcome Erik to AIIB’s management team as the Bank transitions into an important growth phase against the backdrop of a challenging global economic outlook,” AIIB President Jin Liqun said in the statement.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

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In Depth: China Fleshing Out AIIB for Asia and the World

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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