Urjit Patel Appointed Vice President of Asian Infrastructure Investment Bank

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10 January 2022 Current Affairs: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.

Highlights:
♦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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