Our Bureau

New Delhi, July 28

The board of governors of Asian Infrastructure Investment Bank (AIIB), on Tuesday, elected Jin Liqun for a second term as President. His second five-year term will begin on January 16, 2021.

Liqun was re-elected as President during the 2020 AIIB Annual Meeting. The board of governors also approved the United Arab Emirates to host the 2021 AIIB Annual Meeting, which will take place October 27-28, 2021, in Dubai.

Under President Jin’s leadership, AIIB has grown from 57 founding members to over 100 approved members from around the world. To date, AIIB has approved upto $ 19.6 billion for 87 projects in 24 economies.

Meanwhile, in her virtual intervention at a roundtable at the 5th Annual Meeting, Finance Minister Nirmala Sitharaman lauded AIIF’s efforts for fast tracking financial assistance of $10 billion to its member countries, including India, to combat the pandemic.

She also suggested the bank to establish regional presenc,e which would aid in effective project management and implementation.

Sitharaman outlined various measures taken by the Indian Government to respond to Covid, including the $23-billion Pradhan Mantri Garib Kalyan Package (PMGKP) and $295-billion Aatma Nirbhar Bharat Package, which aim at protecting all sectors and sections of the economy.

She also mentioned some of the expectations from AIIB, including introduction of new financing instruments, mobilising private sector finance, providing financing for social infrastructure to achieve SDGs 2020, and integrating development of climate resilient and sustainable energy access infrastructure into the recovery response to the Covid crisis.