Arun Jaitley attend the annual meeting of China-led AIIB in Korea

Vastavam web: Finance Minister Arun Jaitley will attend the annual meeting of China-led Asian Infrastructure Investment Bank to be held in mid-June in South Korea. AIIB aims to promote economic development of the region by supporting major infrastructure projects. India is the second largest shareholder of AIIB with 7.5 per cent stake after China which has 26.06 per cent voting shares. Russia and Germany have 5.93 per cent, 4.5 per cent stake respectively.The AIIB board had its first annual meeting in Beijing on June 25, 2016. The governors representing the Bank’s 46 founding members including India took stock of the progress that the bank has made since opening its doors on January 16, 2016. Jaitley had attended the first meeting and had apprised the bank about massive infrastructure program being undertaken by the country.