Urjit Patel Has Been Appointed Vice President of AIIB || Useful Information about Patel and AIIB || 2022 ||

URJIT PATEL HAS BEEN APPOINTED VICE PRESIDENT OF AIIB :

      Urjit Patel has been appointed as the Vice President of Asian Infrastructure Investment Bank (AIIB). Former RBI Governor Patel will serve as one of the five vice presidents of the multilateral development bank for a three-year term.

      Mr. Patel will replace the place of D. J. Pandian, former Chief Secretary of Gujarat. Pandian, as Vice President, led AIIB's investment activities and all sovereign and non-sovereign lending in South and Southeast Asia. Mr. Patel resigned as RBI governor in December 2018 after two years of service. He cited "personal reasons" as the reason of his resignation. Contextually, AIIB has approved more loans for India than other members of the bank. India is the bank's second largest shareholder and China is its largest shareholder. The United States and Japan, however, are not among the 104 members of the bank. The bank has invested about USD 6.7 billion in 28 projects in India. AIIB has also approved a loan of USD 356.67 million to the Indian government to assist in the expansion of the Chennai Metrorail system in 2021. AIIB has recently decided to support green projects and public health initiatives during the COVID-19 pandemic besides infrastructure. 

SPECIAL NOTES FOR ASPIRANTS :

• The president of AIIB is Jin Liqun.

• AIIB was established on 16 January 2016.

• AIIB is headquartered in Beijing, China.

• The official language of AIIB is English.