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 103 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 26.64 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 has been the largest borrower of AIIB.
Why in News?
- Union Minister of Finance & Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference.
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