Context
The Asian Infrastructure Investment Bank (AIIB) recently announced a $10 billion financial support facility for member countries impacted by the ongoing Middle East conflict.
About Asian Infrastructure Investment Bank (AIIB)
- Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank established in 2016 for infrastructure financing and economic development.
- It aims to promote sustainable growth, improve regional connectivity, and mobilize public and private investment for infrastructure projects.
- The headquarters of AIIB is located in Beijing, China.
- The bank currently has 111 approved member countries.
- India is a founding member and the second-largest shareholder after China.
- AIIB is governed by a Board of Governors comprising one Governor and one Alternate Governor from each member country.
- A non-resident Board of Directors oversees strategic policies, annual plans, and budgetary matters.
- The President of the bank is elected by shareholders for a five-year term and can be re-elected once.
