BANKING AFFAIRS

Detailed explanation-1: -The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to improve economic and social outcomes in Asia. It is the world’s second largest multi-lateral development institution. The bank currently has 106 members, including 14 prospective members from around the world.

Detailed explanation-2: -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.

Detailed explanation-3: -India is one of the founding members and the second largest shareholder in the Asian Infrastructure Investment Bank (AIIB) after China. Asian Infrastructure Investment Bank (AIIB) has its Headquarters in Beijing and it began its operations in 2016.

Detailed explanation-4: -The Mission of the AIIB is to improve social and economic outcomes in Asia. Asian Infrastructure Investment Bank is headquartered in Beijing and started operations in 2016. China is the largest shareholder with 26.61 % voting shares in the bank, followed by India (7.6%), Russia (6.01%), and Germany (4.2 %).

Detailed explanation-5: -It is established by the AIIB Articles of Agreement (entered into force Dec. 25, 2015) which is a multilateral treaty. The Parties (57 founding members) to agreement comprise the Membership of the Bank.