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Asian Infrastructure Investment Bank is an international development bank that works on a mission to improve social and economic outcomes in Asia continent. AIIB was officially established in January 2016. Its headquarter is in Beijing China. The Asian Infrastructure Investment Bank was established according to the terms of the AIIB Articles of Agreement (which entered into force in December 2015).
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What is Asian Infrastructure Investment Bank and Its History?
Asian Infrastructure Investment Bank (AIIB) is a multinational financial institution (Bank) that offers financial aid for infrastructure projects in Asia. Starting with 57 founding members, the Asian Infrastructure Investment Bank now has 103 approved members by the end of 2020 including India. These members contribute 79% of the world population and 65% of global GDP.
How to Become a Member of AIIB?
As per the official information, any member country of the World Bank or Asian Development Bank can apply for membership of the Asian Infrastructure Investment Bank. All the members of this bank are categorized into two different categories that are regional or non-regional categories.
Also Read: List of Important International Organizations
Quick Facts
- AIIB was founded in the month of January 2016.
- The headquarters of this bank is located in Beijing, China.
- India is the second largest shareholder (7.6%) of the Asian Infrastructure Investment Bank.
- The biggest shareholder of this bank is China with 26%+ shares.
- According to the official info, there are a total of 103 official members of this reputed development bank.
Objectives of AIIB
- To promote sustainable development in the economic sector, wealth creation and improvement of Infrastructure in the Asian continent by investing in various sectors.
- To promote regional cooperation in tackling development challenges with collaboration with international organizations like the United Nations.
- Increase investment in private and public sectors to develop public infrastructure.
Financial Sources of AIIB
The initial capital of the AIIB is USD 100 Billion. It is divided into 1 million shares with a value of USD 100,000 per share. In which, 20% are paid-in and 80% are callable. China is the largest shareholder of this Bank. China invested USD 50 billion. India is the second-largest shareholder after China. India invested USD 8.4 billion.
FAQs
India is the second largest contributor and one of the largest beneficiaries of AIIB. The bank funded different infrastructure projects in India worth USD 6.7 billion.
It’s headquarters is located in Beijing. It is the national capital of China.
It is one of the most important international organizations in the world that is directly connected with different nations. Questions in government exams like UPSC civil services exams and more.
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