Important Topic: Asian Infrastructure Investment Bank (AIIB)
Important Topics for Competitive Exams
AIIB is a multilateral development bank backed by China, seen as a rival to the World Bank and Asian Development Bank (ADB). It was established to to fund various infrastructure projects including energy, transportation, urban construction and logistics as well as education and healthcare in Asia-Pacific region.
- The AIIB was officially established with 57 founding members and started to function in January 2016. But as of May 2017, the bank has 52 members. It has an authorised capital of US $100 billion. It’s headquarter is in Beijing.
- China is the largest shareholder with 26.06% voting shares. India is the second largest Shareholder with 7.5% voting shares followed by Russia (5.93%) and Germany (4.5%).
- India is one of the founding members of AIIB. So, logically India would be the second largest shareholder and not Russia.