India elected to Board of Directors of China-backed AIIB

India, one of the founding members of the AIIB, has been elected to the board of director of the China sponsored Asian Infrastructure Investment Bank which is expected to begin loan approvals before the end of this year.The bank, however, said the Vice President the post for which India as the second largest shareholder aspired for will be selected on merit. Earlier,

Dinesh Sharma, Additional Secretary of Ministry of Finance was elected to the 12-member board for which a secret ballot was held yesterday,This will be the first board of directors for the new bank in which 57 members joined  founding members.