IAS Current Affairs

Asian Infrastructure Investment Bank

The AIIB was established as a new multilateral financial institution aimed at providing “financial support for infrastructure development in the Asia – Pacific region.”

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  • The bank started operation after the agreement entered into force on 25 December 2015, with its headquarters in Beijing.
    Membership
    64 Members
    22 prospective members
    Official language
    English
  • 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.
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