CURRENT AFFAIRS

Detailed explanation-1: -New Delhi, Feb 28 () The Asian Infrastructure Investment Bank (AIIB) will provide a loan of USD 455 million to finance the Andhra Pradesh Rural Roads Project, which will connect about 3,300 habitations with a population of more than 250, and benefit around two million people.

Detailed explanation-2: -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-3: -Multilateral bank Asian Infrastructure Investment Bank (AIIB), will invest $150 million in the development of data centers that mostly serve emerging Asia.

Detailed explanation-4: -China is the AIIB’s largest shareholder with a 26.5% voting share. India is the second-largest, with 7.5%, followed by Russia, which has a 5.97% voting share. Belarus is also a member of the bank, which is headed by China’s Jin Liqun.

Detailed explanation-5: -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.