- AIIB is a multi-lateral lender set up to boost lending for infrastructure projects in the Asia-Pacific region.
- It will fund infrastructural projects such as energy, urban construction, transportation and logistics as well as education and healthcare.
- It has authorised capital of US 100 billion dollars and subscribed capital of USD 50 billion.
- China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively. Their voting shares are 26.06%, 7.5% and 5.92% respectively.
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- Former IAS officer D J Pandian has been appointed vice-president and chief investment officer (CIO) of Beijing-based Asian Infrastructure Investment Bank (AIIB).He is retired IAS officer of Gujarat cadre and had served as chief secretary of the state. He also had worked on deputation with the World Bank. He was also the MD of Gujarat State Petroleum Corporation (GSPC). – Is any Indian is appointed as Vice President of AIIB??- Yes.
- India’s Dinesh Sharma elected to board of directors of AIIB. Is any Indian is appointed as board of directors of AIIB??- Yes.
- India will host third Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) in Mumbai, Maharashtra in June 2018. Is any any meeting of AIIB held in India??- Yes. – The theme of the annual meeting is “Mobilizing Finance for Infrastructure: Innovation and Collaboration”.
- AIIB has approved first set of loans totalling US 509 million dollars to finance projects in four countries viz. Bangladesh, Pakistan, Indonesia and Tajikistan.- Is AIIB approved its 1st loan to INDIA??- No.
- AIIB approves $1.5 billion in loans to India for infrastructure projects- Is AIIB approved its any loan to INDIA??- Yes.
- AIIB plans to issue first US dollar bonds in June 2018
- The International Solar Alliance (ISA) and African Development Bank (AfDb), Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), Green climate fund (GCF), and New Development Bank (NDB) signed Joint financial partnership Declarations. The International Energy Agency (IEA) also signed Joint partnership Declaration with ISA. The objective of these agreements is to deepen their cooperation in support of renewable energy.
- AIIB to invest $200 million into NIIF to boost infrastructure projects– NIIF was set up in December 2015 to catalyse funding into the country’s infrastructure sector. It has been registered with the Securities and Exchange Board of India as a Category II Alternate Investment Fund. It has been set up as a fund of funds structure with aim to generate risk adjusted returns for its investors alongside promoting infrastructure development.
- Why the need for new multilateral organization aroused? The reasons are:a) Western dominance:
The presence of western dominance in the IMF, the World Bank and the Asian Development Bank (ADB) has been considered as the major factor behind formation of AIIB. It is a set norm that the president of WB will be a person chosen by the US, where as the IMF chief would be an European.
b) Lack of reform in IMF & World Bank:
This means that there is no reflection of current economic situation in the quota politics dominates economics. The World Bank violated its Articles of Agreement in denying India fresh loans after India tested nuclear weapons in May 1998. As per its Articles, political issues should not influence.
c) Huge demand of infrastructure fund in Asia:
According to report by ADB, till 2020 Asia needs $800bn per annum for infrastructure projects
(ADB can provide only $10 bn).
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