Arun Jaitley appointed as India's Governor on ADB Board

Finance Minister Arun Jaitley has been appointed on the Board of Governors of Philippines-based Asian Development Bank (ADB).

"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 said.

The position was previously held by former Finance Minister P Chidambaram.

The Board of Governors is the ADB's highest policy-making body and has one representative from each member country.

The Manila-headquartered multi-lateral funding agency, founded in 1966, aims to improve people's lives in Asia and the Pacific. ADB approved $21.02 billion in financing in 2013.