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India is second largest shareholder of AIIB: Piyush Goyal

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Union Minister of Railways and Coal Piyush Goyal on Sunday revealed that India was the second largest shareholder of the Asian Infrastructure Investment Bank (AIIB) and that almost a quarter of all funds committed by AIIB have been for Indian projects.

Speaking to the press at the inauguration of the India Infrastructure Expo ahead of the third annual meeting of the AIIB, he said, "India is the second largest shareholder of the AIIB. We are also the largest recipient of concessional finance for various infrastructure projects."

"Nearly 25% of the total funds committed by AIIB have been committed for projects in India, both in the government sector and the private sector, which is a matter of great satisfaction," he added.

Goyal also said that the AIIB had sanctioned an investment into the Infrastructure Investment Fund (NIIF).

"I was also given the good news that today the AIIB Board has approved an investment in the NIIF, the first tranche of $100mn has got approved today, which will be followed by a similar tranche," Goyal said.

He was similarly elated with India getting the opportunity to host AIIB's third annual meeting.

"India is extremely delighted to host the 3rd Annual General Meeting. The weather has welcomed all delegates with a delightful Monsoon and for all us Mumbaikars, Monsoon is a great time. I am personally delighted to be hosting this very important general meeting of AIIB and I thank all the agencies who have supported this," he said.

Goyal then extended his gratitude towards the Government of Maharashtra and particularly Chief Minister Devendra Fadnavis for his active support to the programme, all the delegates who have journeyed from across the globe to Mumbai.

Prime Minister Narendra Modi will inaugurate AIIB's third annual meeting, scheduled to be held from June 25 to 26 in Mumbai.

In the past, AIIB annual meetings have been held in Beijing, China, in 2016 and in Jeju, South Korea, in 2017.

The theme for this year's meeting is "Mobilising Finance for Infrastructure: Innovation and Collaboration" that will see leaders from varied organizations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sun, June 24 2018. 21:15 IST