FM to attend AIIB annual meet in Korea

New Delhi: Finance Minister Arun Jaitley will attend the annual meeting of China-led Asian Infrastructure Investment Bank to be held in mid-June in South Korea.

AIIB aims to promote economic development of the region by supporting major infrastructure projects. India is the second largest shareholder of AIIB with 7.5 per cent stake after China which has 26.06 per cent voting shares. Russia and Germany have 5.93 per cent, 4.5 per cent stake respectively.

The Finance Minister is scheduled to attend Board of Governors meeting on June 14-15, sources said. This year’s meeting is being co-hosted by the Bank and Korea, and will be held in Jeju Island.

The AIIB board had its first annual meeting in Beijing on June 25, 2016. The governors representing the Bank’s 46 founding members including India took stock of the progress that the bank has made since opening its doors on January 16, 2016.

Jaitley had attended the first meeting and had apprised the bank about massive infrastructure programme being undertaken by the country.

While the Beijing-based AIIB is headed by former Assistant Chinese Finance Minister, Jin Liqun, D J Pandian from India is the Vice President and Chief Investment Officer.

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