The Asia Infrastructure Investment Bank (AIIB) has elected Jin Liqun as its first president, after 54 of 57 founder members endorsed the former Chinese vice-finance minister’s leadership.

Representatives from Jordan, Sri Lanka and Switzerland were absent for the vote in the Georgian capital Tbilisi, where the chief negotiators of the member states held their sixth meeting.

GTR reported in May that Jin was the early frontrunner for the role, having been interim secretariat while the structure of the bank was being thrashed out and member states registered. He is also currently the chairman of the Board of Supervisors for China’s sovereign wealth fund and has been a vice-president of the Asian Development Bank (ADB).

The AIIB is now one step closer to formal establishment, with Jin’s position set to be officially confirmed at the development bank’s inaugural meeting.

The bank will be armed with US$100bn of spending power, with the largest share coming from China. The government in Beijing will surely look to harness this additional policy tool as it seeks to stimulate the economy, after what has been a horrid summer for China’s markets.

The AIIB is set to collaborate with the World Bank-backed ADB, with the senior officials of the Manila-based bank having voiced support for the additional capital injection into Asia’s infrastructure sector.

Speaking to GTR, the ADB’s chief economist in China Jurgen Conrad says: “We are looking for opportunities in innovative areas. With the AIIB, many statements have been made to the effect that we’re looking for collaboration. We are waiting for the AIIB to be established.”

He adds that China is set to continue to invest heavily in internal infrastructure, as it seeks to urbanise its population further and to develop inter and intra-city transport links.