India's nominee Pandian appointed AIIB Vice-President

India's nominee Pandian appointed AIIB Vice-President

India nominee D J Pandian has been appointed VP and Chief Investment Officer of the newly-created USD 100 billion Asian Infrastructure Investment Bank (AIIB).

"The primary responsibility of the Chief Investment Officer is leading the planning and supervision of the bank's infrastructure investment by promoting sustainable investment throughout Asia," Finance Ministry said in a statement.

In his career spanning 30 years, Pandian has held key positions at the state, national, and international levels in energy, infrastructure, finance, and industry sectors. He has also served as the Gujarat chief secretary.

Pandian was instrumental in liberalising the policy regime to attract international investment to crucial infrastructure sectors including power, airlines, ports and telecoms, the statement added.

"I am delighted to announce the appointment of the AIIB’s senior leadership team. This is an exceptionally strong and committed group who bring wide and varied experience and a wealth of expertise that will serve the bank well as it commences operations. I look forward to working closely with them in the years ahead," AIIB President Jin Liqun said.

The Beijing-based USD 100 billion multi-lateral lender AIIB was set up to boost lending for infrastructure projects.

The China-initiated development bank was formally set up in Beijing on December 25, 2015. China had nominated its former Finance Minister Jin as the first president of AIIB.

With authorised capital of USD 100 billion and subscribed capital of USD 50 billion, AIIB will invest in sectors such as energy, transportation, urban construction and logistics as well as education and healthcare.

China, India and Russia are the three largest shareholders, taking 30.34 per cent, 8.52 per cent and 6.66 per cent stake, respectively, in the newly-formed bank.

Their respective voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry