India to host 3rd Annual Meeting of Board of Governors of AIIB
India will host third Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) in Mumbai, Maharashtra in June 2018.
In this regard, Union Government and AIIB Secretariat have signed MoU to delineate duties and responsibilities of major stakeholders who would be involved in organizing the aforesaid Annual Meeting. The theme of the annual meeting is “Mobilizing Finance for Infrastructure: Innovation and Collaboration”.
Asian Infrastructure Investment Bank (AIIB)
The AIIB is multilateral financial institution proposed by China. Its purpose is to provide finance to infrastructure development and regional connectivity projects in the Asia-Pacific region. Its goals are to boost economic development in Asia-Pacific region, provide infrastructure, and promote regional cooperation and partnership.
It was founded in October, 2014 and became operational in January 2016. It is headquartered in Beijing. Currently, it has 56 member states. It is seen as rival to World Bank and Asian Development Bank (ADB).
The capital of AIIB is $100 billion, with almost $30 billion invested by China. India is one of the founding members of AIIB and 2nd largest shareholder in AIIB followed by Russia. The voting shares are based on size of each member country’s economy and not contribution to the bank’s authorised capital.