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 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 has been the largest borrower of AIIB.
Why in News?
- Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank.
- India has emerged as AIIB’s biggest beneficiary by obtaining $6.8 billion funding for 29 projects. Indonesia, Turkey, Bangladesh and China are the next four borrowers from the bank with over $7 billion investment.
View all comments