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. 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 has been the largest borrower of AIIB.
Why in News?
- The Asian Infrastructure Investment Bank has approved another 150 million USD loan to the Government of India for implementation of the Sustainable Urban services program for Chennai Metropolitan Area (CMA).
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