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 Objectives Promoting sustainable economic development, creating wealth and augmenting infrastructure connectivity in Asia by investing in infrastructure & other productive sectors.

Detailed explanation-3: -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-4: -Region 1: Southeast Asia, South Asia (except Pakistan and Afghanistan) and the Pacific Islands. Region 2: Afghanistan, Pakistan, Central Asia, East Asia, West Asia, Europe, Africa, North America and Latin America. Each regional team has two subdivisions: Infrastructure Investment Department and Banking Department.

Detailed explanation-5: -Multilateral bank Asian Infrastructure Investment Bank (AIIB), will invest $150 million in the development of data centers that mostly serve emerging Asia.