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Pandian appointed AIIB Vice-President

Former chief secretary of Gujarat D J Pandian has been appointed vice-president and chief investment officer of the newly-created Asian Infrastructure Investment Bank (AIIB).

"AIIB has approved appointment of D J Pandian as vice-president and chief investment officer. Welcome development," Economic Affairs Secretary Shaktikanta Das tweeted.

AIIB President-designate Jin Liqun had last month called on Prime Minister Narendra Modi and also had meetings with officials of the Finance Ministry.

The Beijing-based USD 100 billion multi-lateral lender AIIB was set up to boost lending for infrastructure projects.

The China-initiated development bank was formally set up in Beijing on December 25, 2015. China had nominated its former finance minister Jin as the first president of AIIB.

Pandian, a retired Gujarat cadre IAS officer, has also worked on deputation with the World Bank in Washington, besides being the MD of Gujarat State Petroleum Corporation (GSPC) when Narendra Modi was the state chief minister.

With authorised capital of USD 100 billion and subscribed capital of USD 50 billion, AIIB will invest in sectors such as energy, transportation, urban construction and logistics as well as education and healthcare.

China, India and Russia are the three largest shareholders, taking 30.34 per cent, 8.52 per cent, 6.66 per cent stake, respectively, in the newly-formed bank.

Their voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent, respectively.