Asian Infrastructure Investment Bank (AIIB)
Part of: Prelims and GS-II – International Relations
Context: Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank (AIIB).
- It is a multilateral development bank with headquarters in Beijing, China.
- It is a development bank with a mission to improve the economic and social outcomes in Asia.
- It has 103 approved members.
- It focuses on investment in sustainable infrastructure and developmental projects.
- Membership to the bank is open to all members of the Asian Development Bank or the World Bank.
- India has emerged as AIIB’s biggest beneficiary by obtaining $6.8 billion funding for 29 projects.
- As of October 22 2021, AIIB has overall approved 147 projects in 31 countries valued at $28.97 billion.