In news– Recently the Union Minister of Finance & Corporate Affairs participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference.
Key updates-
- This year’s Annual Meeting has been jointly organized by AIIB and the Government of the United Arab Emirates on the theme of “Investing Today and Transforming Tomorrow”.
- The Finance Minister shared her thoughts in the Governor’s Roundtable Discussion on the theme “COVID-19 Crisis and Post-COVID Support”.
- Fifth meeting of the AIIB was held in Beijing.
About the Asian Infrastructure Investment Bank (AIIB)-
- AIIB is a multilateral development bank whose mission is financing the ‘Infrastructure for Tomorrow’ – infrastructure with sustainability at its core.
- AIIB started its operations in Beijing in January 2016 and has since grown to 104 approved members worldwide.
- AIIB is capitalized at USD100 billion.
- Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
- Prosperity and economic development for Asia is its goal.
- The Board of Governors of AIIB consists of one Governor and one Alternate Governor appointed by each member country.
- Governors and Alternate Governors serve at the pleasure of the appointing member.
- All powers of the Bank are vested in its Board of Governors, which is the highest decision-making body under our Articles of Agreement.
India & AIIB
- India is a Founding Member and the second largest shareholder in AIIB after China.
- India also has one of the largest project portfolios within AIIB.
Source: PIB
