Asian Infrastructure Investment Bank (AIIB)

  • June 21, 2020
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Subject: IR

Context:

Government of India and the Asian Infrastructure Investment Bank (AIIB) here today signed a $750 million “COVID-19 Active Response and Expenditure Support Programme” to assist India to strengthen its response to the adverse impacts of the COVID-19 pandemic on poor and vulnerable households.

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.
Asian Infrastructure Investment Bank (AIIB) IR