Tuesday, 23 February 2016

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Asian Infrastructure Investment Bank (AIIB)

What is The Asian Infrastructure Investment Bank (AIIB) ?
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AIIB is an international financial institution proposed by the government of China in 2013 and was launched in Beijing in October 2014.The AIIB, which will be headquartered in Beijing.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region.

AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are regarded as
dominated by developed countries like the United States.
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Who Constitute AIIB?

There are 57 Prospective Founding Members (PFM).Hong Kong joins the delegation of China in the negotiations. India and 49 other founding members of the Asian Infrastructure
Investment Bank (AIIB) have signed articles that determine each country's share and the lender's initial capital.

The remaining seven founding members can sign the agreement before December 2015.

( India to have 7.5 per cent voting share, and China 26 per cent)
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Purpose :

The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region. AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB),which are regarded as dominated by developed countries like the United States.
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Key focus areas :

The AIIB, a modern knowledge-based institution, will focus on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture
development, water supply and sanitation, environmental protection, urban development and logistics, etc.

AIIB will complement and cooperate with the existing multilateral development bank (MDBs) to jointly address the daunting infrastructure needs in Asia.

Thanks :)

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