Jin Liqun hands AIIB reins to Zou Jiayi as bank pivots to AI-driven infrastructure

Beijing — In a transition that marks the end of an era and the start of a new development agenda, Jin Liqun handed the presidency of the Asian Infrastructure Investment Bank to Zou Jiayi on Jan. 16. Over his decade at the helm, the AIIB financed 343 projects across 39 countries, totaling roughly $66 billion, with a sustained emphasis on green infrastructure. The bank prides itself on not funding coal projects or even secondary coal-related infrastructure, a point Jin highlighted as central to the institution’s identity and long-term strategy.

The former World Bank and ADB veteran framed his tenure as one defined by governance and sustainable growth. “We have set up a bank with recognized governance standards and international best practice,” Jin told TIME, stressing that the organization’s basic model and branding have been sound, even as strategy must continue evolving under new leadership. He warned that the next generation of leadership would be smarter and capable of building on the bank’s work, while maintaining the course that has driven its early success. Still, Jin said there would be no major rethinking of the core focus on infrastructure as a means of lifting people out of poverty and driving climate resilience.

The AIIB’s headquarters sit in Beijing’s Olympic Park, a stone’s throw from the Bird’s Nest Stadium. The five interlocking structures are designed to evoke northern China’s courtyard houses, with staggered indoor oases, skywalks and a glass-topped central atrium that helps regulate the internal climate. A 200-ton boulder from Taishan, China's sacred mountain, sits in the entrance—an architectural nod to “strong foundations, growth and stability,” according to the architects’ notes. The surroundings, Jin noted, reflect his favorite mantra of “lean, clean, and green.”

As he passes the baton to Zou Jiayi, a former Chinese vice finance minister who has served in leadership roles at the World Bank and the Asian Development Bank, Jin emphasized that the bank’s governance and decision-making would remain collective and open. He described the move as a natural evolution: the bank should remain agile, adaptive, and capable of meeting the changing demands of its clients, especially as the world moves deeper into the AI era.

The interview underscores a broader redefinition of what constitutes critical infrastructure. Traditionally, multilateral development banks funded roads, ports and power plants. Jin argued that infrastructure is a means to build up and sustain growth and create jobs, and that digital infrastructure—data centers, broadband networks, and the supportive electricity systems to run them—must be included when aligned with sustainable development. “AI is all the rage,” he said, but cautioned that many low-income countries might be left behind if they lack capacity to participate in the AI revolution. The AIIB’s role, he said, should be to ensure that such countries are not stranded, by providing critical support that helps them move up the development ladder and access green, reliable energy for new technologies.

The bank’s tilt toward technology reflects a broader shift in development finance as governments seek to compete in a data-driven economy. Jin described a future in which countries are divided into “AI developed” and “AI developing” stages, and in which some advanced economies may slip into the latter. In that context, the AIIB’s mission includes helping low-income countries to catch up, ensuring that leadership in AI and digital industries does not become a new form of exclusion. He insisted that the bank should not champion data centers in every location, but rather favor strategically selected sites that can be powered by clean energy to minimize environmental impact.

The interview also touched on the geopolitical dimensions of AI, including the effect of great-power competition on infrastructure finance in the Global South. Jin argued that competition between the United States and China could be detrimental to weaker economies if governance and financing conditions become politicized. The AIIB, he said, would continue to work with the World Bank and the Asian Development Bank to cofinance projects, seeking to balance political risk with the need for predictable funding and high governance standards.

Behind the scenes, the bank has faced scrutiny over its independence. Jin noted that skepticism about AIIB’s independence persists in some Western capitals but argued that governance and transparency have proven their value. The board makes decisions collectively, and he was clear that he is not alone in shaping the institution's direction. He acknowledged past controversies, including a 2023 staff dispute that led to Canada suspending its engagement. An internal review he described as completed in three weeks led to lessons about due diligence when hiring and vetting. “Background checking” is now part of the bank’s ongoing reform to reassure members and the broader international community.

As Jin prepares to relinquish the presidency to Zou Jiayi, he said the bank would still need time to mature under new leadership. He stressed that Zou will have to respond to shifting client demands and global challenges, while keeping the course toward greener, more inclusive development. “She must be given some time to explore new approaches to development,” Jin said, adding that the institution’s core values will endure even as methods evolve. He also indicated that, once he steps down, he does not intend to play a supervisory or consultative role; he has other priorities to pursue, including continuing to advocate for sustainable infrastructure and climate resilience in his remaining years.

The transition comes at a moment when infrastructure needs are being redefined by AI, climate risk and the push for energy security. Jin’s tenure has seen the AIIB grow from a fledgling lender into a pillar of Asia-Pacific finance, balancing growth with stringent governance and a strong emphasis on green outcomes. In his view, the bank’s future lies in scaling up investments that enable productive sectors to prosper—while ensuring that the benefits reach the poor and vulnerable through targeted, well-managed projects.

Looking ahead, observers will watch how Zou Jiayi threads governance with speed as the AIIB navigates a rapidly changing landscape—one in which digital and green infrastructure are increasingly intertwined with a country’s broader development strategy. Jin’s legacy, he suggested, rests less on specific projects than on creating a framework for sustainable, well-governed investment that can adapt as technology and geopolitics evolve. The bank’s partners will be watching closely to see how this framework translates into concrete action across the Global South, including efforts to improve debt sustainability, expand access to clean energy, and build human capital through infrastructure that supports new technologies.

In sum, the AIIB’s next chapter will test its ability to reconcile the ambitions of AI-enabled growth with the imperative of equity, climate resilience, and strong governance. If Jin’s decade-long tenure established a credible blueprint, Zou’s leadership will determine how effectively the bank can scale that vision to meet the evolving demands of a world where data, automation and sustainable power are defining the path to development.