Jaitley appointed on ADB's board of governors

Finance Minister Arun Jaitley has been appointed on the board of governors of  Asian Development Bank.

The board of governors is the Philippines-based ADB's highest policy-making body and has one representative from each member country.

The position was earlier held by previous finance minister P Chidambaram.

"The union finance minister Arun Jaitley has been appointed as India's governor on the board of governors of the Asian Development Bank with effect from May 27," according to an official statement.

Modeled after the World Bank, ADB is regional development bank formed to facilitate economic development of countries in Asia.

It has 67 member countries, of which 48 are from the Asia and the Pacific region, and 19 outside.