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AIIB clears $750-mn loan to India for COVID-19
News:
- The Asian Infrastructure Investment Bank (AIIB) has approved a $750-million loan to India to help strengthen its response to the adverse impacts of the COVID-19 pandemic.
Asian Infrastructure Investment Bank (AIIB):
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank headquartered in Beijing.
- Mission: To improve social and economic outcomes in Asia, and beyond.
- The bank opened in January 2016 and now has 86 approved members worldwide.
- Its purpose is to provide finance to infrastructure development and regional connectivity projects in Asia-Pacific region.
- China is largest shareholder of AIIB with 31.02% voting shares. India with 8.72% vote share is second largest shareholder followed by Russia, Germany and South Korea.