Urjit Patel Appointed Vice President of Asian Infrastructure Investment Bank
Highlights:
- Urjit Patel Appointed Vice President of Asian Infrastructure Investment Bank
- Mr. Patel will serve a three-year tenure as one of the multilateral Development Bank's five vice presidents, succeeding former Gujarat Chief Secretary D.J.
- Pandian, who led the AIIB's investment operations as well as all sovereign and non sovereign loans in South and Southeast Asia as Vice President.
- Since its establishment in Beijing in 2015, the AIIB has granted more loans for
- India than any other member. China is the company's largest stakeholder, followed by India. Its 104 members do not include the United States or Japan.
- The AIIB has invested $6.7 billion in 28 projects in India.
- Apart from infrastructure, it has recently emphasised green projects and assisting public health activities during the COVID-19 pandemic. Under the ADB's Asia
- Pacific Vaccine Access Facility (APVAX) project, India asked for loans from the
- AIIB and the ADB in October to purchase 667 million doses of COVID-19 vaccines, with the ADB likely to lend $1.5 billion and the AIIB roughly $500 million.
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