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.