Asian Infrastructure Investment Bank (AIIB)

In News 

• Recently, Asian Infrastructure Investment Bank (AIIB) has said that it has put on hold and is reviewing all activities relating to Russia and Belarus in the wake of the current conflict in Ukraine.

About Asian Infrastructure Investment Bank (AIIB)

• China’s leader Xi Jinping first proposed an Asian infrastructure bank at an APEC summit in Bali in 2013. 
• AIIB began operations in 2016 with 57 founding Members (37 regional and 20 non regional). 
• Members: It has 105 members and is open to accepting additional members.
  • India is a founding member.

• It is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
• Shareholder & voting right:
  • China is the largest shareholder of the bank with 26.06 per cent voting rights.
    • India is the second-largest shareholder with 7.5 per cent followed by Russia at 5.93 per cent and Germany at 4.5 per cent.
• HQ: Beijing, China.
• Structure: The bank is headed by a Board of Governors composed of one Governor and one Alternate Governor.
  • All powers of the Bank are vested in our Board of Governors, which is the highest decision-making body under our Articles of Agreement.
  • The bank staff is headed by a President who is elected by AIIB shareholders for a five-year term and is eligible for re-election once. 
    • The President is supported by Senior Management including five Vice Presidents for policy and strategy, investment operations, finance, administration, and the corporate secretariat and the General Counsel.
• Goals: To foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
  • To promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.

Source:HT