China has officially nominated Jin Liqun, the incumbent Asian Infrastructure Investment Bank (AIIB) president, as the Chinese candidate for the second AIIB president, the country's Ministry of Finance announced on Tuesday.

Jin, born in 1949, was elected as the inaugural president of the AIIB for a term of five years when the multilateral bank started operation in 2016.

During the past four years, the number of the AIIB members has expanded from the initial 57 to 102, covering Asia, Europe, North America, South America, Africa and Oceania.

The bank has approved 71 projects, with a total commitment of 14.27 billion U.S. dollars, covering energy, transportation, finance, water and urban sectors.

According to the AIIB's articles of agreement, its president should be a national of a regional member. The election will be conducted through an open, transparent and merit-based process.

The election process for the bank's second president was launched on Tuesday and the president will be elected at the fifth annual meeting of the bank's board of governors to be held on July 28, 2020. The term of the newly elected president will commence on January 16, 2021.

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