Arun Jaitley attends First AGM of Asian Infrastructure Investment Bank

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The Union Finance Minister Arun Jaitley, participated in the First Annual General Meeting of Asian Infrastructure Investment Bank (AIIB) held at Beijing, China yesterday. The Finance Minister Mr. Jaitley is currently on a five day official visit to China.

Addressing the Board of Governors' Session of the Annual General Meeting, the Finance Minister Mr. Jaitley stated that the new Bank has come-up amidst huge expectations in a difficult time for the global economy.

arun jaitley

He said that the overall recovery of the global economy remains very modest and global growth rate projections have been revised downwards, even though the Asia-Pacific region remains the growth engine for the world. Notwithstanding the global headwinds, however, India continues to maintain a high growth rate at 7.6% in 2015-16 compared to 7.2% in the previous year, Mr. Jaitley added.

Outlining India's development paradigm, the Finance Minister Jaitley said that India has undertaken reforms in FDI and initiated large investments in rural infrastructure, national highway, inland waterways, shipping, power sector and smart cities etc.

On the role of AIIB:

Speaking on the role of AIIB, Mr. Jaitley said "AIIB presents a much needed additional financing window dedicated to infrastructure projects and meeting the financing gap that may be beyond the capacity of the individual countries and the existing MDBs. India has a huge unmet demand for investment in infrastructure and is preparing basket of projects worth US$ 2-3 billion for AIIB funding in the areas of Urban Development (including Smart Cities), Energy, Urban Transport, Railways, Inland Waterways and Water Supply".

The Finance Minister Mr. Jaitley offered India's support in establishment of a Regional Office of AIIB in New Delhi to effectively cater to this potentially large portfolio and speed up the process of project development, monitoring and implementation.

FM met his Chinese counterpart:

The Finance Minister, Mr. Jaitley also met Mr. Lou Jiwei, Finance Minister of China yesterday and had talks on bilateral economic cooperation, upcoming G20 Summit in Hangzhou and the BRICS Summit in India.

Both sides shared views on the global macroeconomic situation and agreed on the need to further coordinate in order to enhance economic growth.

On the sidelines of AGM, the Finance Minister Mr. Jaitley had a bilateral meeting with Mr. Jin Liqun, President AIIB. The Finance Minister also met with executives of Alibaba ANT enterprises.

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