2.6. The Asian Infrastructure Investment Bank (AIIB)

♤ A Chinese initiative, the AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.

♤ Headquartered in Beijing, it commenced operations in January 2016 and has now grown to 84 approved members from around the world.

♤ The Bank has an authorised capital of USD 100 billion.

♤ China is the largest shareholder with 26.06 per cent voting shares in the bank. India is the second largest shareholder with 7.5 per cent followed by Russia 5.93 per cent and Germany with 4.5 per cent.

♤ It lent $1.7 billion in 2016, which increased to $2.5 billion in 2017.

♤ India is the first country where the Bank has committed more than $1 billion of financing.