About AIIB

• The Asian Infrastructure Investment Bank (AIIB) is an international development bank that provides financing for infrastructure projects in Asia. 
• Headquartered in Beijing, it began operations in 2016. 
• It includes more than 100 members worldwide (India is a founder member of AIIB). AIIB consists of two classes of membership: regional and non-regional members. 
• China is the largest shareholder with 26.6 per cent voting shares in the bank. India is the second largest shareholder with 7.6 per cent voting shares followed by Russia 6.0 per cent.
• India is the largest borrower from the AIIB.

Why in News?

• The Asian Infrastructure Investment Bank’s Board of Governors has approved the application of Iraq to join the Bank. 

Reference:

1. https://www.aiib.org/en/news-events/news/2021/AIIB-Welcomes-Iraq-as-a-New-Prospective-Member.html