Finance Minister attends the 5th annual meeting of the Board of Governors of the AIIB.
About AIIB:
The AIIB is a multilateral development bank.
Mission to improve social and economic outcomes in Asia.
Headquartered in Beijing and started operations in 2016.
Invests in sustainable infrastructure and other productive sectors in Asia and beyond.
India is a member of the bank and has the second-largest shareholding and voting rights after china.
Membership to the bank is open to all members of the Asian Development Bank or the World Bank.
The bank also allows non-sovereign entities to apply for membership provided their home countries are members.
Set up a Covid-19 support fund for its members.
Its membership goes beyond Asia.
Development Since Launch:
Since its launch, India has emerged as the overall top borrower — $4.5 billion — from the Beijing-based bank, and also the top beneficiary of Covid-19-related relief fund.
As the largest borrower, India has almost 25 percent of all approved AIIB loans channeled to it.
India is set to get over $1 billion for building mass transport systems, including the Delhi-Meerut Regional Rapid Rail Project costing $500 million, Mumbai Metro line-5 costing $350 million and Chennai Metro Corridor-4 costing $350 million.