I was delighted to see this Exhibition about India’s growing engagement with the infrastructure world, particularly on this important occasion of the AIIB Annual General Meeting. The Asian Infrastructure Investment bank has really matured in a short period of time, and is rapidly progressing to become one of the most important infrastructure financiers across the world. A very strong management team with robust management practices, some of which have never been seen in the global stage have been put in place. And India is extremely delighted to host the 3rd Annual General Meeting. We’re extremely delighted at the progress that the Bank has made. India is the 2nd largest shareholder with a commitment of over 8billion dollars to the AIIB. We are also the largest recipient of concessional finance for various infrastructure projects. Nearly 25% of the total funds committed by AIIB have been committed for projects in India, both in the government sector and the private sector, which is a matter of great satisfaction.
Earlier today, I had an opening meeting with the President of AIIB, and he was expressing satisfaction that India has shown a lot of enthusiasm, and put up very good proposals before AIIB. I was also given the good news that today the AIIB Board has approved an investment in the NIIF (National Infrastructure Investment Fund), the first tranche of $100mn has got approved today, which will be followed by a similar tranche. It truly is a very very happy occasion for India, and more particularly for Mumbai to host this very important engagement. There are 86 countries which are members of AIIB who are participating. Over 3,000 delegates have already come on board, and I am told the number is growing by the minute.
The weather has welcomed all delegates with a delightful Monsoon and for all us Mumbaikars, Monsoon is a great time. I am personally delighted to be hosting this very important general meeting of AIIB and I thank all the agencies who have supported this. I thank the Government of Maharashtra, particularly the Chief Minister Devendra Fadnavis for all his active support to this programme. I thank the delegated who have come from every nook and corner of the world to our great city of Mumbai, city that never sleeps, city that is vibrant reflection of the growing strength of India in the world; a city that is rapidly expanding into a smart city, rapidly expanding infrastructure with a number of metro projects, with the coastal highway, with the trans harbor link, the new airport coming up in Navi Mumbai. With so many initiatives, I am sure Mumbai is going to become - it always was the engine of growth and the financial and commercial capital of India - it will also become the infrastructure capital of India.