AIIB board of directors to include 12 countries, 3 from outside Asia

The Philippines’ finance chief Cesar Purisima said Wednesday that Beijing had proposed including non-Asian countries on the board of the China-backed Asian Infrastructure Investment Bank (AIIB), South China Morning Post reported. Purisima said there were also plans to include a provision preventing any one country from having more than one seat on its 12-member board of directors, which would be split into three regional and three non-regional members. Chinese officials have said they will not hold veto power at the AIIB. (For more, see CER’s recent in-depth report.)