Former RBI Guv Urjit Patel Appointed Beijing-Based AIIB Vice-President
Urjit Patel, who was the ex-governor of the Reserve Bank of India (RBI), has indeed been named vice president of the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral developmental institution.
DJ Pandian, who is an ex Gujarat chief secretary who has served as AIIB's vice president and chief investment officer since 2016, the year the financial institution was founded with India as its second-biggest investor behind China, will step down.
Patel is the present chairperson of the National Institute of Public Finance and Policy, a finance ministry-affiliated research organization.
Urjit Patel, a Nairobi native, is rumoured to have resigned as governor of the Reserve Bank of India in 2018 due to disagreements with the National Democratic Alliance administration over fiscal policy.
At quite a moment whenever the AIIB is growing its impact in emerging nations, particularly India, the well-known Indian analyst would take over as vice-president.
Since its founding six years ago, India has been the AIIB's biggest borrower.
In an interview with the press close to the end of the previous year, departing Pandian stated that India is the AIIB's largest investment market, with twenty-eight initiatives worth $6.71 billion.
China, Turkey, Indonesia, and Bangladesh are the institution's subsequent 4 debtors, with a combined investment of almost $7 billion.
According to Pandian, the AIIB has sponsored initiatives in India across all areas, particularly in the transportation and power sectors.
India has requested a $2 billion financing from the Asian Development Bank (ADB) in Manila and the AIIB to buy 667 million Covid-19 vaccines to immunise a minimum of 317 million of the population in 19 provinces throughout the nation.
The AIIB authorised the $150 million Sustainable Urban Service Program, Chennai City Partnership in December, to strengthen organizations and improve the market and reliability viability of highly urbanized operations in Chennai.
According to Pandian, who was highlighted in an AIIB announcement made after the initiative was authorized, they were assisting India in increasing their resilience and meeting their goals even in the most challenging of circumstances. They see this initiative as a preliminary step in the AIIB's long-term collaboration with India, and in this instance, Chennai, by backing the administration's spending plan.
In the old days, the ex Indian bureaucrat has worked to dispel the misconception that the AIIB is a Chinese financial institution, claiming that it has evolved into a multinational bank that is the leading lender of infrastructure investments in Asia.
Except for the United States and Japan, the majority of industrialised and emerging nations have entered the financial institution.
According to an AIIB assessment released in December, India could benefit from a larger involvement percentage in global value chains (GVC) to speed up its recovery from the outbreak. According to the AIIB's Asian Infrastructure Finance Report for 2021, GVC involvement in India would depend on a mix of upgrading construction, boosting institutional integrity, and improving logistics efficiency, capacities, and connection with the hinterland.
Iraq's request to enter the AIIB was accepted at the end of December, making it the institution's 51st regional member, bringing its total participation to 105.
As of the 22nd of October, the AIIB had authorized 147 initiatives totalling $28.97 billion in thirty-one nations.