A statement issued at the weekend by AIIB Senior Communication Officer, Mr Song Liya said Okonjo-Iweala would join 10 other key persons on the panel.
"The panel provides impartial, objective and independent advice to the President, allowing the Bank to benefit from the international experience and expertise of panel members,"
The AIIB President, Jin Liquin also said the panel members would advise the Bank on the development of its strategy.
"It is a great honour to convene such an experienced and diverse group of international leaders to advise on the development of the Bank's strategy," Jin said
"I have no doubt that the advice the panel provides will help shape the development of the Bank in the years ahead. I could not ask for a better group of ambassadors to help promote our new Bank to the world," he added.