- 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.
- In 2018, AIIB was granted Permanent Observer status in the deliberations of both the United Nations General Assembly and the Economic and Social Council, the two development-focused principal organs of the global body.
Why in News?
- The Asian Infrastructure Investment Bank recently organised a seminar on Roadmap to Sustainable Cities.