Context:
Union Finance Minister asked Asian Infrastructure Investment Bank (AIIB) to assist low-income countries to avail financial resources.
Asian Infrastructure Investment Bank (AIIB):
- A multilateral development bank to improve social and economic outcomes in Asia.
- Aim – To connect people, services and markets that over time will impact the lives of billions and build a better future by investing in sustainable infrastructure and other productive sectors.
- Established in – 2016
- Headquarters – Beijing, China
- Member Countries – 110 members – 96 Full Members and 14 Prospective Members.
- Governed by – AIIB Articles of Agreement (a multilateral treaty)
- Highest decision-making body – Board of Governors (12 governors).
- Granted Permanent Observer status in the deliberations of United Nations General Assembly and UN Economic and Social Council.
- Largest stakeholder – China (with 26.6% of the current voting share and veto power), followed by India and Russia.
Source: Business Standard
Previous Year Question
With reference to Asian Infrastructure Investment Bank (AIIB) consider the following statements:
1. AIIB has more than 80 member nations.
2. India is the largest shareholder in AIIB.
3. AIIB does not have members from outside Asia.
Which of the statements given above is/are correct?
[UPSC Civil Service Exam – Prelims – 2019]
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (a)
Explanation:
Statement 2 is incorrect. China is the largest shareholder in AIIB.
Statement 3 is incorrect. AIIB do have members from outside Asia.
