Focus: GS-II International relations
Why in news?
The China-backed Asian Infrastructure Investment Bank (AIIB) said it will function as an “apolitical” institution and will continue to support projects in India.
- India has received the most funding of any country from the bank.
- India was among the AIIB’s 57 founding members in 2016 and is also its second-largest shareholder with around 8% of voting shares (China is the largest with more than 25%).
- AIIB president assured that the management will look at the proposed projects from the economic and financial point of view and not with a political view.
- The bank has supported several projects under the BRI framework, but is not formally linked to the plan.
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Asian Infrastructure Investment Bank (AIIB)
- The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia-Pacific region.
- It is headquartered in Beijing.
- It commenced operations in January 2016.
- By investing in sustainable infrastructure and other productive sectors today, it aims to connect people, services and markets that over time will impact the lives of billions and build a better future.
-Source: The Hindu