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Jan 10, 2022 · Recently, former Reserve Bank of India (RBI) governor Urjit Patel has been appointed vice-president of the Beijing-based Asian Infrastructure Investment Bank (AIIB). In October 2021, the Union Minister of Financ e participated in the 6th Annual Meeting of the Board of Governors of AIIB. Key Points. About:
- Asian Infrastructure Investment Bank
- Members of Asian Infrastructure Investment Bank
- Structure of AIIB
- Objectives of Asian Infrastructure Investment Bank
- The Accomplishments of AIIB
- India and AIIB
- Objections Against AIIB
It is a multilateral development bank headquartered in Beijing. It is mission is to improve social and economic outcomes in Asia and aims to connect services, markets, and people by investing in sustainable infrastructure and other sectors. It was established by a multilateral treaty in 2015 and began operations in 2016.
It was founded by 57 members but now the membership has grown to 103 approved members. The membership is open to all members of the Asian Development Bank (ADB)or the World Bank. AIIB membership is divided into regional and non-regional members. Regional members are from the Asia and Oceania regions as classified by United Nations. The AIIB allows ...
The Board of Governors 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.The Non-resident Board of Directors is responsible for the direction of the Bank’s general operations, exercising all powers delegated to it by the Board of Governors.AIIB staff is headed by the President who is elected by AIIB shareholders for a five-year term and eligible for re-election once.The Bank has established an International Advisory Panel (IAP) to support the President and Senior Management on the Bank’s strategies and policies as well as on general operational issues.Promoting sustainable economic development, creating wealth, and augmenting infrastructure connectivity in Asia by investing in infrastructure & other productive sectors.Fostering regional partnership & cooperation to address developmental challenges by working in tandem with other bilateral and multilateral developmental institutions.Enhancing investment in private & public capital for development purposes.Using the resources at its disposal for funding development in the region, including projects that will contribute to the balanced economic growth of the region.Rapid growth: AIIB began operations in 2016 with 57 founding Members (37 regional and 20 non-regional). By the end of 2020, it had103 approved Members representing approximately 79% of the global p...Permanent observer status in the United NationsHighest credit rating by three major rating institutions- Standard & Poor’s, Moody’s, and Fitch. This had helped expand its presence in international capital markets.The structured governance model provides good efficiency and accountability to the organization.India has a 7.6% shareholding in the bank, which is second to China that has 26.6% shares. India is one of the largest beneficiaries of infrastructure projects financed by AIIB. The bank has funded about 28 projects in India worth USD 6.7 billion. These projects range from energy, water, transport, and others. The Bangalore and Chennai metro rail h...
Countries like USA and Japan are not members of the Asian infrastructure investment bank despite being the leading economies of the world. The USA opposes the bank because of the Chinese monopoly in the shares and considers it an invasion of the multilateral banking system. Despite objections from the US, European countries like Britain, France, Ge...
Jun 25, 2019 · The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. It is established by the AIIB Articles of Agreement (entered into force Dec. 25, 2015) which is a multilateral treaty. The Parties (57 founding members) to agreement comprise the Membership of the Bank.
A President is elected by the AIIB shareholders for a term of five years. This President is responsible for heading the AIIB staff. A Vice President is also appointed for supporting the President and carrying out important decisions related to the Bank. International Advisory Panel.
Jul 30, 2020 · Jin Liqun has been re-elected as the President of the China-based Asian Infrastructure Investment Bank (AIIB) for a second five-year term. The President stated that the bank would remain an “apolitical institution” and continue to back projects in India.
Mar 4, 2022 · Did you know that Former Reserve Bank of India (RBI) governor Urjit Patel is currently the vice-president of the Asian Infrastructure Investment Bank (AIIB)? InstaLinks: Prelims Link: AIIB vs ADB vs WB. Members of AIIB. Top shareholders. Voting powers. AIIB supported projects in India. Mains Link:
Nov 14, 2023 · Updated on: November 14th, 2023. Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank established by the AIIB Articles of Agreement- a multilateral treaty. The Parties (57 founding members) comprise the Bank’s Membership. The Mission of the AIIB is to improve social and economic outcomes in Asia.
