India and AIIB
Part of: GS Prelims and Mains II – India and the World; International/Multi-lateral organizations
About:
- The China-backed Asian Infrastructure Investment Bank (AIIB) to function as an “apolitical” institution and to continue to support projects in India
- The latest loan for India was for $750 million, to support vulnerable households impacted by COVID19
Key facts:
- India has received the most funding of any country from the bank (received $4.35 billion)
- India is one among the 57 founding members in 2016
- India is its second-largest shareholder (with 7.62% voting shares) after China (26.06%)
- Headquarters of AIIB is in Beijing
