China-led AIIB set for first annual meeting in Beijing

The China-led Asian Infrastructure Investment Bank plans to hold its first annual meeting on June 25 and 26 in Beijing, the South China Morning Post reports. The bank did not offer details on the meeting, but its president Jin Liqun said in Hong Kong last month that the board would meet to discuss new membership in June. Jin expected the AIIB could have an asset portfolio of US$1.5 billion in the first year and potentially reach around US$4 billion-US$5 billion of lending after five years. The United States and Japan see the AIIB as a potential rival to financial institutions such as the World Bank and Asian Development Bank and have declined to join.