Finance / New Asian Infrastructure Investment Bank role for Sir Danny Alexander

New Asian Infrastructure Investment Bank role for Sir Danny Alexander

Former Treasury minister Sir Danny Alexander has been given a key role in a new China-led Asian Infrastructure Investment Bank (AIIB).

danny alexander

The Liberal Democrat, who lost his seat at the general election, will become a vice-president and corporate secretary of the new financial institution.

Britain, one of the founder members of the AIIB, will have “crucial influence” on the direction of the bank after being given one of the twelve seats on the board of directors, the Treasury said.

Sir Danny said: “I am delighted to have been appointed to this role. 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.”

Britain was the first major Western country to apply to be a prospective founder member of the AIIB, which will support access to finance for infrastructure projects across Asia, using a variety of measures including loans, equity investments, and guarantees.

Downing Street has previously denied reports that the US views the moves as part of the UK’s ”constant accommodation” of China.

Chancellor George Osborne said: “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.”