61 - Asian Infrastructure Investment Bank (AIIB)

GK BY - SANJAY UTTAM

Asian Infrastructure Investment Bank (AIIB)

IMPORTANT POINTS TO KNOW

1). Asian Infrastructure Investment Bank (AIIB) is an international financial institution focused on crediting infrastructure construction in the Asian-Pacific region

2). Was proposed by China in 2013, supported by
· 37 – regional members
· 20 – non-regional members

3). AIIB to compete with
· World Bank
· Asian Development Bank

4). AIIB headquarters in Beijing, China

5). Initially consisted of
· 1 – Founding member(FM) – Burma
· 56 – Prospected Founding Members(PFM)

6). General Secretary – Jin Liqun – Former Finance Minister of China

7). On July 2015, 57 PFMs were
supposed to become FM s by
· Signing the 60-Articles of Agreement in 2015
· Ratifying the 60-Articles of Agreement in 2015 or 2016

8). 7-countries from the PFM did not sign the Articles of agreement. They are
· Denmark
· Malaysia
· Kuwait
· Holland
· Philippines
· South-Africa
· Thailand

9). Shares are based on the size of each member country’s economy

10). 3- categories of votes exist:

· Basic votes: equal for all members and constitute 18% of the total votes

· Share votes: equal to the number of shares

· Founding Member votes: each FM gets 600 votes

11). China is the highest share holder with 30.34% and voting share 26.06%

12). India 2nd highest share holder with 8.52% and voting share of 7.5%

13). Russia 3rd highest share holder with 6.66% and voting share of 5.92%

14). Maldives is the smallest PFM