AIIB has been opened officially by China’s President Xi Jinping [ Current Affairs ]
About AIIB: AIIB stands for Asian Infrastructure Investment Bank. It is a multilateral development bank sponsored by China and is seen as a opposing to the World Bank and Asian Development Bank (ADB). It has been established for infrastructure projects like energy, transport, urban structure and logistics as well as education and healthcare in Asia-Pacific region.
- It has total of 57 members, of which 37 are regional and 20 non-regional Prospective Founding Members (PFM).
- Authorized capital AIIB will be of 100 billion US dollars.
- The initial contributed capital will be around 50 billion US Dollar and the paid-in ratio will be 20%.
About officially opened by President:
- The bank was officially established in Beijing on 25th December 2015.
- China’s former Finance Minister Lou Jiwei was elected as the first Chairman of the Bank’s Meeting while its former Finance Minister Jin Liqun was elected its first President.
- Chinese President Xi Jinping has formally opened Asian Infrastructure Investment Bank (AIIB) in Beijing.
- Published on: January 18, 2016