MILAN, June 16 (Class Editori) — Today the Asian Infrastructure Investment Bank (AIIB) appointed Fabrizio Costa as its new Executive Director for the Euro-Zone for the two-year period 2022-2024. Costa will act on AIIB's Board of Directors representing 15 European countries, the second largest group by subscribed capital shares in the Asian Bank established in 2015, of which Italy is among the founding countries.
Costa is an executive at the Italian Ministry of Economy and Finance, currently seconded as a financial expert at the Italian Embassy in Beijing. Operating in China for several years, the new Executive Director for the Euro-Zone will be the only representative of a G7 country to sit on the Board of Directors of the Asian Bank, which is operatively chaired by Jin Liqun.
AIIB, which has been operating since January 2016 and is headquartered in Beijing, has so far invested more than 35 billion dollars in 178 projects. The Asian Bank has so far focused its interventions on Asia and Africa, mainly on projects covered by sovereign risk.
Its mission is to invest in infrastructure that will ensure a better future for people, particularly focusing on the sustainability of projects under the banner of lean, clean and green.
Costa joins Domenico Nardelli at the top management, who as of September 2019 is Treasurer, responsible for the Investments of the Bank's liquid assets, capital markets operations, including payments and back office, and asset and liability management. Nardelli, who served as treasurer of the International Fund for Agricultural Development (IFAD), managed by the UN, began his career in large investment banks including Bank of America and Jefferies.
(Source:Class Editori)
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