An Indian official has been elected to the board of directors of Asian Infrastructure Investment Bank (AIIB). Dinesh Sharma, Additional Secretary of Ministry of Finance was elected to the 12-member board yesterday. India is one of the founding members of AIIB and is its second-largest shareholder after China.<br/><br/>Earlier former Chinese Finance Minister Jin Liqun was elected to head the bank based in Beijing. The inaugural meeting of the board of the governors of the<br/>bank concluded today. It approved by-laws, rules and codes of conduct for the bank.<br/><br/>Finance Minister Arun Jaitley is the designated governor of the AIIB from India. Mr. Sharma who headed the Indian delegation represented Jaitley at the meeting. With authorised capital of 100 billion dollars , AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare. The bank is expected to begin loan approvals before the end of this year.