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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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