The Finance Minister recently called upon the Asian Infrastructure Investment Bank (AIIB) to support low-income countries by providing financial resources and technical assistance.
About AIIB:
- AIIB is a multilateral development bank established in 2016, with the mission to finance sustainable infrastructure and promoting social and economic outcomes across Asia and beyond.
- Headquarters: Beijing, China.
- Members:
- 110 members, including 96 full members and 14 prospective members.
- Largest Shareholders: China holds the largest share with 26.6% of the voting power, followed by India (7.6%) and Russia (6%).
- UN Observer Status: In 2018, AIIB was granted Permanent Observer status in the deliberations of the UN General Assembly and the UN Economic and Social Council.
AIIB’s Focus Areas:
- Sustainable Infrastructure: AIIB is dedicated to developing sustainable infrastructure across Asia.
- Investment Promotion: It aims to promote investments in infrastructure and productive sectors, fostering economic growth, wealth creation, and improving connectivity in the region.
Organizational Structure of AIIB
- Board of Governors: Each member country appoints one Governor and one Alternate Governor.
- Board of Directors: Non-resident, responsible for guiding the bank’s operations.
- Senior Management: Led by the AIIB President, elected for a five-year term.
- International Advisory Panel (IAP): Advises the President and Senior Management on strategies, policies, and operational issues.
India’s Role:
- India is the second-largest shareholder in AIIB and has received the highest number of loans.
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Frequently Asked Question:
What is the mission of AIIB?
AIIB’s mission is to finance sustainable infrastructure projects and promote social and economic development across Asia and beyond.
When was the AIIB established?
AIIB was established in 2016.
Where is AIIB headquartered?
The headquarters of AIIB is located in Beijing, China.
Who are the largest shareholders of AIIB?
China holds the largest share at 26.6%, followed by India at 7.6%, and Russia at 6%.
What role does India play in AIIB?
India is the second-largest shareholder and has received the highest number of loans from AIIB.