BANKING AFFAIRS

Detailed explanation-1: -Founded in 1966, the Asian Development Bank’s headquarters are in Manila, Philippines. Its primary mission is to foster growth and cooperation in the region. A multilateral development bank (MDB) is an international financial institution chartered by two or more countries to encourage economic development.

Detailed explanation-2: -AIIB’s MISSION is Financing Infrastructure for Tomorrow. By investing in sustainable infrastructure, AIIB unlocks new capital, new technologies and new ways in which to address climate change and to connect Asia, and the world.

Detailed explanation-3: -Five Key Accomplishments. AIIB began operations in 2016 with 57 founding Members (37 regional and 20 nonregional). By the end of 2020, we had 103 approved Members representing approximately 79 percent of the global population and 65 percent of global GDP.

Detailed explanation-4: -The initial context was to make better use of Chinese foreign currency reserves in the wake of the global financial crisis. The initiative was officially launched by Chinese leader Xi Jinping on a state visit to Indonesia in October 2013.

Detailed explanation-5: -AIIB offers sovereign and non-sovereign financing for sound and sustainable projects in energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, and urban development and logistics.