FINANCING FOR DEVELOPMENT
Martine Mills Hagen
Head of Funding
Asian Infrastructure Investment Bank
Executive MBA 2010
“When I finished treatment, I was more than ready for a change.”
A life-changing experience inspired Martine Mills Hagen to switch jobs. Now, she describes working for the Beijing-based Asian Infrastructure Investment Bank (AIIB) as «the chance of a lifetime».
‒ I am very fortunate to be the first Head of Funding at AIIB, and so it is my responsibility to put all necessary infrastructure in place for the bank to be able to borrow in the international capital markets, says Mills Hagen.
Established in 2015 with a capital base of $100 billion, some welcomed AIIB as a potential rival to IMF and the World Bank, while the UN proposed the bank could become a powerful contributor for sustainable development. The New York Times even suggested that China, after the launch of AIIB, now «rivals the United States at the global economic table».
Mills Hagen however, views AIIB as a partner to its peer multilateral development banks (MDBs), such as the World Bank and Asian Development Bank (ADB). They are already teaming up to co-finance road, energy and sustainable city projects in their member countries.
‒ Our mandate is to improve social and economic development in Asia by investing in infrastructure and other productive sectors. The infrastructure funding gap in Asia is estimated to be somewhere in the region of $26 trillion out to 2030, something which no one institution can fill alone, says Mills Hagen.
Her background is extensive in the banking and finance sector, including 10 years in the City followed by several years as the Executive VP of Funding & Lending at Eksportfinans, the Norwegian partially state-owned export credit institution. She believes working within such a young organisation as AIIB, poses some unique opportunities in the MDB landscape.
‒ For us we have everything to do, which really is fascinating and in fact a privilege to be in at the ground floor. We have three core values of being lean, clean and green, where we have tried to learn from the best practices from the public and private sectors, in order to create an efficient and productive organisation.
However, the decision to leave Norway for China, did not come easy. In 2016 she was diagnosed with cancer, but luckily, the treatment was successful. The experience, while tough and difficult for herself and her family, also brought about a sense of urgency ‒ and the determination to seize an opportunity to do something different.
‒ When I finished treatment, I was more than ready for a change. I was very fortunate that this position came up at exactly the right time and that those closest to me gave me their complete backing.
Spending at least half of her time travelling, there has been little opportunity to get to know Beijing, so there are still countless fascinating places to discover. And, you could definitely say she has embraced the local traditions.
‒ Yes, I have joined the ranks of the electric scooter owners. People tend to say there is a before-scooter and after-scooter life in Beijing, which I completely subscribe to!
She was made aware of the position at AIIB by the bank’s treasurer Søren Elbech, who she initially met during her Executive MBA studies at BI. The banker says it is fun to work together again after all these years ‒ and emphasises that the degree has helped her career forward.
‒ I genuinely felt that I got a huge amount out of my EMBA. Most importantly, I gained a real sense of self-efficacy which served me well when I shortly thereafter moved into the executive management team during some extremely turbulent times at Eksportfinans.
Now, she describes working for a new Triple-A rated MDB as «the chance of a lifetime» - and working in Beijing as an amazing experience.
‒ Things change all the time and it is so vast, I doubt I will ever get to fully know it, but Beijing truly is an exciting city to live and work in.