BANKING AFFAIRS

Detailed explanation-1: -Although India is yet to join a single BRI project, it enthusiastically supports the AIIB. As of 2021, the AIIB approved 147 projects in India, totaling $28.9 billion in loans. India holds the second-highest voting share after China, and its former Reserve Bank governor currently serves as AIIB’s vice president.

Detailed explanation-2: -They become members after finishing their domestic procedures. As of 8 August 2022, the total number of countries approved for membership of AIIB is 106 (Regional Members: 47, Non-Regional Members: 45, Prospective Members: 14).

Detailed explanation-3: -The correct answer is Gujarat. The World Bank and Asian Infrastructure Investment Bank (AIIB) will provide a loan of Rs 7, 500 crore for the Gujarat government’s Mission School of Excellence project.

Detailed explanation-4: -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.