The AIIB was established as a new multilateral financial institution aimed at providing “financial support for infrastructure development in the Asia – Pacific region.”
- The bank started operation after the agreement entered into force on 25 December 2015, with its headquarters in Beijing.
Membership64 Members
22 prospective membersOfficial languageEnglish - Its goals are also to boost economic development in the region, create wealth, provide infrastructure and promote regional cooperation and partnership.
- The value of AIIB’s authorized capital amounts to $100 billion, with almost $30 billion invested by China.
- China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively. Their voting shares are 26.06%, 7.5% and 5.92% respectively.
- The share of non-Asian countries is restricted to a maximum of 30 per cent.
- The bank currently has 64 member states while another 20 are prospective members for a total of 84 approved members. India is the founding member
of AIIB. - Major economies that are not members include Japan, Mexico, Nigeria, and the United States.
- The first AIIB Annual Meeting of the Board of Governors was held in Beijing, China in 2016.
- Third Annual Meeting of the Board of Governors will be held in Mumbai, India
in June 2018.