The decision was announced on Monday. The appointment to the Manila-based institution takes retrospective effect from May 27.

Jaitly took over as the Finance Minister of India in Narendra Modi-led Cabinet on May 26. He replaced his predecessor P Chidambaram in the Finance Ministry.

ADB is the development finance institution that aims at lifting the lives of the 1.7 billion poor and deprived people in Asia and the Pacific regions with wise funding and investment. The regional development bank was established on 22 August 1966.

The institution has 67 members now. Of them, India is among the 31 founder members.

JPN/Agencies

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