CURRENT AFFAIRS

Detailed explanation-1: -Nirmala Sitharaman attended the 7th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference from New Delhi today. Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision.

Detailed explanation-2: -India also has the largest project portfolio within AIIB. The theme of this year’s Annual Meeting was “Sustainable Infrastructure Toward a Connected World”. The Finance Minister shared her thoughts in the Governor’s Roundtable Discussion on the theme “Financing Infrastructure in a Crisis-Prone World”.

Detailed explanation-3: -Iraq becomes AIIB’s 51st regional member, bringing the Bank’s approved membership to 105 in total.

Detailed explanation-4: -India is the second-largest shareholder in Asian Infrastructure Investment bank. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Indo-Pacific region. Headquartered in Bejing and began operations in January 2016.

Detailed explanation-5: -The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.