Banking 51

Indian elected to Asian Infrastructure Investment Bank board

India’s Dinesh Sharma has been elected to the 12-member board of directors of the China-sponsored Asian Infrastructure Investment Bank (AIIB).

It is the first Board of Directors of AIIB in which 57 nations are founding members including India.

The inaugural meeting of the board of the governors of the AIIB was held in Beijing after its formal launch. The meeting approved by-laws, rules and codes of conduct for the bank. Union Finance Minister of India Arun Jaitley is the designated governor of the AIIB from the country. However, he was represented by Sharma at the meeting. Sharma is currently serving as the Additional Secretary of Ministry of Finance.

IIB holds authorised capital of 100 billion US dollars and subscribed capital of 50 billion US dollars. It will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.

China is the largest shareholder with 26.06 percent voting shares. India is the second largest shareholder with 7.5 percent followed by Russia with 5.93 percent and Germany with 4.5 percent.

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