Business & Economy

India to host 3rd Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank

NetIndian News Network

New Delhi, December 13, 2017

India will host the 3rd Annual Meeting of the Board of Governors of Asian  Infrastructure Investment Bank (AIIB) in Mumbai on June 25-26, 2018.
The theme of the meeting will be “Mobilizing Finance for Infrastructure: Innovation and Collaboration”. 
The Government of India and AIIB Secretariat signed the Memorandum of Understanding (MoU) here yesterday to delineate the duties and responsibilities of major stakeholders who would be involved in organizing the meeting, an official press release said.
The MoU was signed on behalf of the Government of India by Mr. Sameer Kumar Khare, Joint Secretary (Multilateral Institutions Division), Department of Economic Affairs (DEA), Ministry  of Finance and by Mr. Danny Alexander, AIIB’s Vice-President and Corporate Secretary on behalf of AIIB. 
The signing ceremony took place at the Ministry of Finance in North Block in New Delhi in the august presence of Mr. Subhash Chandra Garg, Secretary (Economic Affairs) and Dr. M.M. Kutty, Additional Secretary (Economic Affairs) and other senior officers of the Government of India and AIIB.
Mr. Garg noted that India is not only one of the founding members of AIIB but also the second largest shareholder in AIIB.  He said the event would provide an opportunity to showcase the strengths of the Indian economy and introduce AIIB members to potential infrastructure investment opportunities in India and Asia.
Mr. Alexander said India was central to delivering on the bank’s mandate to support sustainable economic development of Asia through investment in infrastructure. “It is but appropriate that the Annual Meeting is being held in Mumbai, the financial capital of India. We are hoping that discussions in Mumbai will help AIIB to deepen our cooperation with India and to develop our approach for mobilizing more private sector capital for infrastructure in Asia. AIIB will continue to develop the bank according to 'Lean, Clean and Green' core values," he said.
He also said that AIIB looked forward to continuing to work with the Indian Government and India’s business community to further develop solutions to fund vital sustainable infrastructure projects across the country.
Ahead of the AIIB annual meeting, the Attendant Meeting of the Board of Directors will take place on June 23-24 and preparatory work and ancillary events will take place from June 22 to June 27.
The Annual Meeting will bring to Mumbai the delegates from all 80 AIIB member countries, business leaders, members of civil society organizations and media among others.
Annual Meeting related seminars will also be organized in some Indian cities like Delhi, Kolkata, Guwahati, Hyderabad, Chennai, Bangalore and Vishakhapatnam  prior to the main Annual Meeting. 
A Special Committee at the level of Secretary, DEA has been constituted for coordinating the matters relating to organizing the 2018 Annual Meeting, with representatives from various Ministries concerned of the Government of India and the Government of Maharashtra. 
The Government of Maharashtra has nominated Maharashtra Industrial Development Corporation (MIDC) as the nodal agency for organising the Annual Meeting, the release added.
AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, China, AIIB commenced operations in January 2016.