Functions of Asian Infrastructure Investment Bank (AIIB)
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Chinese President Xi Jinping first proposed the AIIB in October 2013, at the Asia-Pacific Economic Cooperation Summit in Bali, Indonesia. One of the functions of Asian Infrastructure Investment Bank is to create resources for Asian sub-continent.
Headquarters of AIIB
The bank began its operations at its Headquarter in Beijing in January 2016.
Members of AIIB
There are 93 approved members worldwide which includes 57 founding members. There are two classes of membership:
- Regional Members: Regional members are those located within areas classified as Asia and Oceania by the United Nations
- Non-Regional Members
The four biggest stakeholders in bank are China 30%, India 9%, Russia 7%, Germany 5%.
Functions of Asian Infrastructure Investment Bank
The major functions of Asian Infrastructure Investment Bank (AIIB) are:
- foster sustainable economic development
- create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors
- promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions
President of AIIB
Mr. Jin Liqun is the inaugural President and Chairman of the Board of Directors for a five-year term. He served as Secretary-General of the Multilateral Interim Secretariat tasked with establishing the Bank.
AIIB Annual Meeting
On July 12-13, 2019 Luxembourg will host AIIB’s first Annual Meeting to be held outside Asia. The theme of the 2019 Annual Meeting is “Cooperation and Connectivity”
The AIIB’s initial total capital is $100 billion, with 20% paid-in and 80% callable. China is contributing $50 billion, half of the initial subscribed capital. India is the second-largest shareholder, contributing $8.4 billion.
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