Arun Jaitley attends First AGM of Asian Infrastructure Investment Bank

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.

FM@arunjaitley at First Board of Governors' Meeting of Asian Infrastructure Investment Bank (AIIB) in Beijing today. pic.twitter.com/d5YsGKIHzm

— Ministry of Finance (@FinMinIndia) June 25, 2016

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.

Addressing Board of Governors' Session of AIIB, FM@arunjaitley said that India has a huge unmet demand for investment in infrastructure.

— Ministry of Finance (@FinMinIndia) June 26, 2016

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.

FM@arunjaitley said India is preparing basket of projects worth US$ 2-3 billion for AIIB funding in areas of Urban Development among others.

— Ministry of Finance (@FinMinIndia) June 26, 2016

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.

Other sectors include Energy, Urban Transport, Railways, Inland Waterways & Water Supply

— Ministry of Finance (@FinMinIndia) June 26, 2016

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".

FM@arunjaitley offered India's support in establishment of a Regional Office of AIIB in Delhi to effectively cater to this large portfolio.

— Ministry of Finance (@FinMinIndia) June 26, 2016

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.

FM@arunjaitley met Chinese FM Lou Jiwei yesterday&had talks on bilateral economic cooperation,upcoming G20 Summit in Hangzhou&BRICS in India

— Ministry of Finance (@FinMinIndia) June 26, 2016

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

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

— Ministry of Finance (@FinMinIndia) June 26, 2016

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.

On the sidelines of AGM, FM@arunjaitley had a bilateral meeting with Mr Jin Liqun, President, AIIB. FM also met executives of Alibaba ANT.

— Ministry of Finance (@FinMinIndia) June 26, 2016