Asian Infrastructure Investment Banks

  • The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Indo-Pacific region.
  • The bank currently has 78 members as well as 24 prospective members from around the world.
  • The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014.
  • It received the highest credit ratings from the three biggest rating agencies in the world, and is seen as a potential rival to the World Bank and IMF.
  • The bank started operation after the agreement entered into force in 2015, after ratifications were received from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.
  • Government of India, West Bengal Government and the Asian Infrastructure Investment Bank, signed a loan agreement for a 145 million dollar project to improve irrigation services and flood management in the Damodar Valley Command Area in West Bengal.
  • The project will assist in improving irrigation and agriculture in the Damodar Valley Command Area, by optimizing the use of surface and groundwater.
  • It will also strengthen flood management, which will help boost agricultural productivity and increase incomes in rural areas.
Asian Infrastructure Investment Banks

Leave a Reply