Asian Infrastructure Investment Bank (AIIB)
Why in news?
The Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure projects in 2018. The funds are meant for investment in energy, roads and urban development projects. Of the loans committed by the multilateral bank, around $200 million will be invested under the National Investment and Infrastructure Fund (NIIF) framework.
About AIIB:
What is it? The AIIB was established as a new multilateral financial institution aimed at providing “financial support for infrastructure development and regional connectivity in Asia.” It was founded in October, 2014, and has its headquarters in Beijing. Its goals are also to boost economic development in the region, create wealth, prove infrastructure, and promote regional cooperation and partnership.
Funding: The value of AIIB’s authorized capital amounts to $100 billion, with almost $30 billion invested by China. India is not only one of the founding members of AIIB but is also the 2nd largest shareholder in AIIB.
Sources: the hindu.
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