25 June, 2020
2 Min Read
Asian Infrastructure Investment Bank
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Its HQ is in Beijing, China.
It is established by a multrilateral treaty - AIIB Articles of Agreement. India joined AIIB in 2016 as a regional member of the Bank. Further, 14 of the G-20 nations are AIIB members including France, Germany, Italy and the United Kingdom.
China is the largest shareholder in AIIB with a 26.06% voting power, followed by India with a 7.62% voting power. Recently, the AIIB has approved a $750 million loan to India to strengthen the country’s battle against the adverse impact of Covid-19 pandemic on poor and vulnerable households. The loan is co-financed by the AIIB and the Asian Development Bank.
It aims to ensure economic resilience to prevent long-term damage to productive capacity, including human capital.
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