The authoritative, official Chinese news agency Xinhua reported on February 5, 2016, that the Asian Infrastructure Investment Bank (AIIB) has appointed five Vice Presidents with experience helping both developed and emerging economies, as well as multilateral institutions. They are: Danny Alexander, former Chief Secretary to the UK Treasury from 2010 to 2015; Kyttack Hong, Chairman and Chief Executive Officer of the Korea Development Bank; D.J. Pandian, who has served 30 years with the Indian Administrative Service; Joachim von Amsberg, currently Vice President of Development Finance at the World Bank; and Luky Eko Wuryanto, who has served in senior positions in the Indonesian government for 20 years. Chinese Finance Minister Lou Jiwei was elected as the first chairman of the AIIB board of governors.