January 2016, Economy
India, one of the founding members of the AIIB, has been elected to the board of directors of the China-sponsored Asian Infrastructure Investment Bank which is expected to begin loan approvals before the end of this year.
The bank, however, said the Vice President the post for which India as the second largest shareholder aspired for will be selected on merit.
Also, Dinesh Sharma, Additional Secretary of Ministry of Finance was elected to the 12-member board for which a secret ballot was done. This will be the first board of directors for the new bank in which 57 members joined founding members. Jin, a former Chinese Finance Minister was elected to head the bank based in Beijing after Russia withdrew its candidate. The election of India to board of directors of the AIIB expected to provide significant role for it as it is the forum that approves the loans for projects.
AIIB was formally launched by Chinese President Xi Jinping at a special function.