Asian Infrastructure Investment Bank (AIIB)

Subject – IR

Context – India needs to bolster its health infrastructure: AIIB

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.
Fourteen of the G-20 nations are AIIB members including France, Germany, Italy and the United Kingdom.