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Home Foreign Affairs

6th annual meet of Asian Infrastructure Investment Bank (AIIB)

October 28, 2021
in Foreign Affairs
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6th annual meet of Asian Infrastructure Investment Bank (AIIB)
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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.
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Source: PIB
Tags: PIBPrelims

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