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China-led Asian Infrastructure Investment Bank will hold its third annual board meeting next year in Mumbai where the global lender is eyeing to deeply engage with local businesses and draw on the infrastructure expertise that India can offer.
The Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, is becoming an increasingly important geography for AIIB investments, the bank said in a statement.
The Board of Governors of the AIIB at their meeting in South Korea's Jeju today said its third annual meeting will be held in Mumbai in June next year.
"We appreciate the strong support provided by the Indian government," AIIB Vice President and Corporate Secretary Sir Danny Alexander said.
"It's fitting that we bring the meeting to India next year, where we can deeply engage with local business and draw on the infrastructure expertise that India can offer," Alexander was quoted as saying by the bank in the statement.
It also quoted Finance Minister Arun Jaitley as saying that "we are honoured to become the host country for the third AIIB Annual Meeting. We look forward to welcoming you all to Mumbai next year and making the 2018 event a great success".
The first AIIB annual meeting was held in Beijing last year. The second one was held in Jeju this week.
The bank approved USD 150 million equity investment loan to the India Infrastructure Fund yesterday, the bank's first such loan to fund private projects.
The AIIB was officially established late last year with 57 founding members. It now has 80 countries as its members.
With authorised capital of USD 100 billion, China is the largest shareholder with 26.06 per cent voting shares. India is the second largest shareholder with 7.5 per cent followed by Russia 5.93 per cent and Germany 4.5 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)