Urjit Patel appointed as the VP of AIIB
By MYBRANDBOOK
Former Reserve Bank of India Governor (RBI) Urjit Patel has been appointed the Vice President of the Beijing-based Asian Infrastructure Investment Bank (AIIB). India is a founding member of AIIB with the second highest voting share after China headed by former Chinese Vice Minister for finance Jin Liqun.
Patel will serve a three-year term as one of the multilateral development bank’s five Vice-Presidents, and will take the place of Former Gujarat Chief Secretary D.J. Pandian who had been the Vice President, leading the AIIB’s investment operations and all sovereign and non-sovereign lending in South and Southeast Asia.
Patel has previously worked with the International Monetary Fund (IMF), Boston Consulting Group and Reliance Industries among other organisations. He had resigned as RBI Governor in 2018 in a surprise decision, citing “personal reasons” after serving for two years.
The AIIB has recently highlighted green projects and supporting public health initiatives during the COVID-19 pandemic. It has funded 28 projects in India amounting to $6.7 billion. D.J. Pandian, the outgoing Vice-President, had said the bank had “a very strong pipeline of projects” with regard to India and had transitioned away from mostly co-financing projects with the World Bank or the Asian Development Bank (ADB).
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