AIIB says internal review found ‘no evidence’ of China influence

Subject : International Organisations

Concept :

The China-based Asian Infrastructure Investment Bank (AIIB) said Friday there was “no evidence” it was dominated by Beijing’s ruling Communist Party, as it released a review into explosive claims made by a former executive.

Asian Infrastructure Investment Bank

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 the AIIB is open to all members of the World Bank or the Asian Development Bank and is divided into regional and non-regional members.
Regional members are those located within areas classified as Asia and Oceania by the United Nations.
Unlike other MDBs (multilateral development bank), the AIIB allows for non-sovereign entities to apply for AIIB membership, assuming their home country is a member.
Thus, sovereign wealth funds (such as the China Investment Corporation) or state-owned enterprises of member countries could potentially join the 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 in the bank.