AIIB says internal review found ‘no evidence’ of China influence
- July 8, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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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.