Asian Infrastructure Investment Bank
- 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 102 members worldwide (India is a founder member of AIIB).
- AIIB consists of two classes of membership: regional and non-regional members. Regional members hold 75% of the total voting power in the Bank.
- China is the largest shareholder with 26.64 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 biggest borrower of AIIB.
Why in News?
- Out of the $20 billion in loans issued by the Asian Infrastructure Investment Bank, about $6 billion has gone to India, the bank’s second-largest shareholder after China.
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