N. Sitharaman attends 9th AIIB Board of Governors meeting in Samarkand
Summit and Conference
4 min read
Union Minister for Finance and Minister for Corporate Affairs Nirmala Sitharaman represented India at the 9th Asian Infrastructure Investment Bank (AIIB) Board of Governors meeting in Samarkand, Uzbekistan. The 9th AIIB Board of Governors meeting was held in Samarkand on 25-26 September 2024.
During her visit to Uzbekistan, she also met with Uzbekistan’s President Shavkat Mirziyoyev on the sidelines of the AIIB meeting.
Theme of the 9th AIIB Board of Governors meeting
The theme of the 9th AIIB Board of Governors meeting was: Building Resilient Infrastructure for All.
The theme highlights the AIIB's emphasis on developing financial tools that will help member countries withstand climate-induced shocks and increase their resilience to such shocks. In June 2024, the AIIB introduced Climate Policy-Based Financing (CPBF) to mobilise private capital so that member countries can meet their financial needs for achieving their national climate action plans.
Speaking on the occasion, Jin Liqun, President of AIIB, said that around 60 percent of AIIB’s lending in 2024 will be focused on climate financing.
Republic of Nauru becomes 110 member of AIIB
At the meeting in Samarkand, Uzbekistan, the Board of Governors approved the tiny Pacific Ocean island nation of Nauru's application to join the AIIB, bringing the total number of members to 110.
About AIIB Board of Governors
Like other multilateral banks, the Board of Governors is the highest decision-making body of the AIIB.
Each member country appoints a Governor and one alternate Governor . Normally, the country's finance minister is appointed as the Governor.
From India, Nirmala Sitharaman is the Governor, and. Ajay Seth, Secretary of the Department of Economic Affairs, Ministry of Finance, is the alternate Governor from India.
About Asian Infrastructure Investment Bank (AIIB)
The Asian Infrastructure Investment Bank (AIIB) is a multilateral bank that began operating in 2016.
China is the largest shareholder of the bank, with a 29.9% stake, and India is the second largest shareholder, with a 7.74% stake.
The Bank provides both sovereign and non-sovereign loans. Sovereign loans mean the loan repayment is guaranteed by the government, and non-sovereign means the loans are provided to the private sector.
The bank provides loans to projects that build Infrastructure for tomorrow or green infrastructure that are environmentally sound and sustainable and help in development of the country.
President of AIIB: Jin Liqun of China
Headquarters: Beijing, China
