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Asian Infrastructure Investment Bank (AIIB)

  • IASbaba
  • January 10, 2022
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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).

About 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.

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