12-01-2022 | 19:14 PM
Urjit Patel appointed as a vice-president of AIIB
Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral development bank.
He will succeed outgoing Vice President D J Pandian.
He will be one of the five Vice Presidents of the AIIB with a three-year tenure.
Urjit Patel is currently the chairman of the National Institute of Public Finance and Policy.
China's leader Xi Jinping first proposed an Asian infrastructure bank at an APEC summit in Bali in 2013.
AIIB began operations in 2016 and has 105 members.
It is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core.
It aims to improve social and economic outcomes in Asia and beyond.
India is a founding member of AIIB with the second-highest voting share after China.
Headquarters: Beijing, China.
The bank staff is headed by a President who is elected by AIIB shareholders for a five-year term and is eligible for re-election once.
