11 Jan Urjit Patel, the former RBI Governor has been appointed as AIIB vice president. (GS Paper-II, Polity, Constitution,Governance, Social Justice and International Relations) Source: The Hindu
Urjit Patel- Today Current Affairs
Context
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Beijing-based Asian Infrastructure Investment Bank (AIIB) appoints ex -RBI Governor Urjit Patel as Vice President.
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Mr. Patel replaced the former Gujarat chief secretary DJ Pandian, to serve a 3-year term as one of the multilateral Development Bank’s five Vice Presidents.
What is AIIB? The Hindu Analysis
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It is a multilateral Development Bank established by the AIIB Articles of Agreement in the year 2015. It began its operation in January 2016.
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The bank aims to improve the social and economic life in Asia. It invests in the sustainable infrastructure and other productive sectors with the aim to connect people, service and market to impact the billion lives and build a better future.
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In terms of shareholding China is the largest Country in the AIIB.
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AIIB is headquartered in Beijing (China).
Principal organs of AIIB: The Hindu Analysis
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Board of governors: each member country appoints one Governor and one alternate Governor to the board of governors. They serve at the pleasure of the appointing members.
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Board of directors: They are responsible for directing the bank’s general operation. They exercise all the powers delegated to it by the board of governors.
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Senior management – the president of the staff is elected by the AIIB shareholders for the term of five year and can be reelected once.
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International advisory panel – the president and the senior management are supported by the International Advisory Panel on the bank strategies and policies as well as on the general operational issues.
Contribution and achievements of AIIB: The Hindu Analysis
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The bank was granted the status of the permanent observer in 2018 of the United Nation General Assembly and the Economic and Social Council.
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The bank has been able to Mark and expand its presence in the international capital markets going to its sound financial standing. This has been recognised by the major rating Financial Institutions. It has received AAA rating with the stable Outlook from Standard & poor’s , Moody’s and Fitch.
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The Bank’s achievement can also be counted from its expanding membership. AIIB along with 57 founding members began its operation in 2016 and by the end of the 2020 it had 103 approved members. These member countries together represent 79% of the Global population and 65% of the global GDP.
AIIB and India: The Hindu Analysis
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India has been granted more loans by AIIB than any other member of the bank.
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India is the second largest shareholder in the Asian Infrastructure and Investment bank.
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28 project amounting to USD 6.7 billion has been funded by AIIB in India.
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During covid-19 pandemic AIIB supported the public health initiative and infrastructure. It has recently emphasized green projects in India.
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In the month of October 2021 India has applied for the loan in order to procure 667 million doses of covid-19 vaccine from AIIB and Asian Development Bank (ADB). The AIIB is expected to lend USD 500 million under the ADB’s Asia Pacific Vaccine Access facility initiative.
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For the expansion of the Chennai Metro Rail system AIIB approved a loan of USD 356.67 million to the Indian government.
In this article we mention all information about Urjit Patel, the former RBI Governor has been appointed as AIIB vice president. Today Current Affairs.
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