Asian Infrastructure Investment Bank

IN NEWS:

• Asian Infrastructure Investment Bank (AIIB) has granted a $750 million loan to India for COVID-19 response.

ABOUT AIIB:

• Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region.
• It was founded in October,2014, and has its headquarters in Beijing.
• The value of AIIB’s authorized capital amounts to $100 billion, with almost $30 billion invested by China. India is not only one of the founding members of AIIB but is also the 2nd largest shareholder in AIIB.
• India hosted the annual meeting of AIIB for the first time in June 2018.
• Nearly 25% of the total funds committed by AIIB have been committed for projects in India, both in the government sector and the private sector.

PRELIMS QUESTION:

Q. Consider the following statements about Asian Infrastructure Investment Bank(AIIB):

1. It is a multilateral development bank initiated by China.
2. India is one among the founding members of the bank.
3. US is the 2nd largest shareholder in AIIB after China.

Which of the statements given above is/are not correct?

1. 1 only
2. 1 and 2 only
3. 1 and 3 only
4. All of the above

Answer to Prelims question