What exactly is AIIB:
- The Asian Infrastructure Investment Bank (AIIB) is an international development bank tasked with improving social and economic results in Asia and beyond.
- The Bank’s Membership is made up of the parties to the agreement (57 founding members).
- Beijing is the bank’s headquarters.
- It first opened its doors in January of 2016.
- It seeks to connect people, services, and markets that will influence billions of lives and build a better future by investing in sustainable infrastructure and other productive industries now.
- There are now over 100 members.
- France, Germany, Italy, and the United Kingdom are among the 14 G-20 countries that are members of the AIIB.
Right to vote:
- China is the bank’s largest stakeholder, with 26.61 percent of voting shares, followed by India (7.6%), Russia (6.01%), and Germany (6.01%). (4.2 percent ).
- Regional members have 75 percent of the Bank’s total voting power.
AIIB organs include:
Board of Governors: Each member country appoints one Governor and one Alternate Governor to the Board of Governors. Governors and Alternate Governors serve at the discretion of the member who appoints them.
Board of Directors: The Bank’s general operations are directed by a non-resident Board of Directors, which exercises all powers given to it by the Board of Governors.
- The Bank has formed an International Advisory Panel (IAP) to advise the President and Senior Management on the Bank’s strategy and policies, as well as basic operational matters.
Source The Hindu