Monday, July 6th, 2020

India plays a very important role in the running of the bank: AIIB's President

INVC NEWS New Delhi, The Union Minister for Finance and Corporate Affairs Arun Jaitley today said that India aspires for infrastructure creation not only in terms of conventional infrastructure but also rural infrastructure. Delivering the Inaugural Address at a Curtain Raiser Ceremony for the 3rd Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank(AIIB) here today, the Finance Minister, Shri Jaitley expressed hope that with each Annual Meeting, the activities, pipeline of projects and resources of the AIIB will expand. The Finance Minister added that Asia has conventionally suffered an infrastructure deficit. He said that Asia in terms of poverty alleviation, needs to grow faster to bring-up the standard of living of its people and bridge the infrastructure gap that exists. The Finance Minister, Shri Jaitley welcomed the President, AIIB and his colleagues to India. On the achievements of the AIIB, Shri Jaitley said that in less than 3 years of its existence, the Bank has started functioning fairly effectively. He said that with the benefit of hindsight, he was glad that India agreed to be a part of the AIIB and that India has been at the forefront of providing a pipeline of projects including many of which are under consideration. Earlier, the Finance Minister Shri Jaitley together with Mr Jin Liqun, President, AIIB   inaugurated the Logo and Theme of 3rd AIIB Annual Meeting of Board of Governors scheduled to be held in Mumbai from 25th to 26th June, 2018. President of AIIB, Mr. Jin Liqun in his address said that because of India’s second highest stake in the bank and its importance, there was no better place than India to hold the 3rd Annual Meeting of the Board of Governors of AIIB. He said that India plays a very important role in the running of the bank. He informed the gathering that priorities of AIIB were aligned with the goals of Government of India to build infrastructure to improve the quality of life of its people at large. The Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Shri Subhash Chandra Garg informed the gathering that a number of events have been lined-up till the Annual Meeting of Board of Governors in Mumbai on 25th and 26th June, 2018. Speaking about the AIIB, the Secretary, DEA said it was the First such institution floated by borrowers and that it has already 84 Members with India as the 2nd largest Stakeholder. Among the dignitaries present on the occasion were senior officials of the Ministry of Finance, External Affairs and AIIB.



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