AIIB
- September 26, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Subject:IR
Context:
Out of the $20 billion in loans issued by the Beijing-based Asian Infrastructure Investment Bank (AIIB), about $6 billion has gone to India.
Concept:
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia.
- Headquartered in Beijing, it began operations in January 2016 and have now grown to 102 approved members worldwide.
- It invests in sustainable infrastructure and other productive sectors in Asia and beyond.
- Membership in AIIB shall be open to members of the International Bank for Reconstruction and Development or the Asian Development Bank.
- China is the largest contributor to the Bank, contributing USD 50 billion, half of the initial subscribed capital.
- India is the second-largest shareholder, contributing USD 8.4 billion.