Former IAS officer D J Pandian has been appointed vice-president and chief investment officer (CIO) of Beijing-based Asian Infrastructure Investment Bank (AIIB). Welcome development,” Economic Affairs Secretary Shaktikanta Das tweeted.
He is retired IAS officer of Gujarat cadre and had served as chief secretary of the state. He also had worked on deputation with the World Bank. He was also the MD of Gujarat State Petroleum Corporation (GSPC).
About Asian Infrastructure Investment Bank (AIIB)
AIIB is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank was proposed as an initiative by the government of China, supported by 37 regional and 20 non-regional Prospective Founding Members (PFM), all of which have signed the Articles of Agreement that form the legal basis for the proposed bank.
It will fund infrastructural projects such as energy, urban construction, transportation and logistics as well as education and healthcare. It has authorised capital of US 100 billion dollars and subscribed capital of USD 50 billion. China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively. Their voting shares are 26.06%, 7.5% and 5.92% respectively.