Finance Minister Arun Jaitley attended the first annual meeting of the board of Governors of the $100-billion Asian Infrastructure Investment Bank (AIIB) while on a 5-day official visit to China. During his visit, the finance minister will also hold talks with Chinese investors and bankers to seek investment in infrastructure and other sectors in India. The finance minister will participate in different sessions of
the two-day AIIB meeting including the session on 'Infrastructure and Global Economic Growth' and 'Financing Green Infrastructure: The Role of MDBs' among others.
BRICS nations Brazil, Russia, India, China and South Africa founded the AIIB to boost infrastructure investment in Asia.
The bank has 37 founding member states and was proposed as an initiative by the government of China. The Bank was envisaged to promote interconnectivity and economic integration in the region and cooperate with existing multilateral development banks.
The bank started operation after the agreement entered into force on 25 December 2015.
The capital of the bank is $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.
China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively.
Arun Jaitley will also hold a meeting with his Chinese counterpart Lou Jiwei on June 27. He will also participate in the 8th India-China Financial Dialogue.
Finance Minister Arun Jaitley held a round table meeting with Wealth Fund Managers and Bankers in Beijing on Thursday.
Later, Finance Minister Arun Jaitley met Chairman of Bank of China, Tian Guoli.
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