Urjit Patel appointed as vice chairman of AIIB; replaces ex-bureaucrat from Gujarat

Former RBI governor Urjit Patel was on Tuesday appointed as vice chairman for funding operations in South Asia on the Beijing-based Asian Infrastructure Investment Bank (AIIB), changing former bureaucrat from Gujarat, D J Pandian.
The appointment of Patel can be efficient from February 1, AIIB stated in a press release.
He succeeds D Jagatheesa Pandian, a Gujarat cadre IAS officer who retired as chief secretary of the state six years again. He was head of the Gujarat State Petroleum Corp (GSPC) when Narendra Modi was the chief minister of Gujarat.
“AIIB’s Board of Directors has appointed Dr Urjit Patel to the position of Vice President for Investment Operations Region 1 – South Asia, the Pacific Islands and South East Asia,” the assertion stated.
Patel, 58, was the twenty fourth governor of the Reserve Bank of India (RBI), succeeding Raghuram Rajan on September 5, 2016. Patel had abruptly resigned in December 2018 citing “personal reasons”.
AIIB is a multilateral improvement financial institution that goals to enhance financial and social outcomes in Asia. The financial institution at the moment has 104 members, together with 17 potential members from around the globe.
Finance Minister Nirmala Sitharaman is on the board of governors of the financial institution. Below the President are 5 vice presidents — one being the place that Pandian held and is now being given to Patel.

Patel additionally served as former Chair of the Governing Body of the National Institute of Public Finance and Policy, New Delhi, a number one assume tank on fiscal coverage and tax issues. He was additionally Executive Director and member of the Management Committee of the Infrastructure Development Finance Company Ltd.
A PhD in economics from Yale University, Patel has intensive expertise in infrastructure and power sectors.
He is the recipient of the Wilbur Cross Medal from Yale University in 2019 and has authored many scholarly publications and papers within the areas of public finance, infrastructure, regulatory economics, financial coverage, international monetary security web, the economics of local weather change and the speculation of worldwide commerce.

“I am delighted to welcome Dr. Patel as the newest member of my management team,” stated AIIB President Jin Liqun. “His extensive experience at the national and international levels across various public and private sectors will help the Bank better embrace its growth phase and will support AIIB’s vision of investing in Infrastructure for Tomorrow.” Patel’s predecessor, Pandian, was AIIB’s first Chief Investment Officer and had been with the financial institution for the reason that preliminary days after it began operations in 2016.
More than USD 17.8 billion financings proposed beneath his management have been authorised by AIIB’s Board of Directors throughout the previous six years, efficiently delivered in 14 members.
“D.J.’s contributions to the Bank, particularly his role in building the Investment Operations team, have been crucial to our operations,” stated President Jin.
“His experience in infrastructure development helped AIIB build capacity in end-to-end project identification to implementation, which was critical particularly in our startup years. We thank him for his work and for helping the Bank grow to where it is now,” he added.mail emblem