India joins Asian Infrastructure Investment Bank
- India and 49 other founding countries, have signed an
agreement which provides a legal framework for the China-led '100 Billion' US
Dollar, Asian Infrastructure Investment Bank (AIIB).
- The 60-article agreement specified each member's share as
well as governance structure and policy-making mechanism of the bank, which is
designed to finance infrastructure in Asia.
- The delegates from over 50 founding countries gathered at
the Great Hall of the People in Beijing for the signing ceremony yesterday.
- Seven more countries are due to sign by the end of the year.
What is AIIB ?
- The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China.
- The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region.
- AIIB is regarded by some as a rival for the IMF and the World Bank.
- As of April 15, 2015, almost all Asian countries and most major countries outside Asia had joined the AIIB, except the US, Japan (which dominated the ADB) and Canada.
- Its headquarters located in Beijing, China
- Presently, total members are 57.
- Secretary General- Jin Liqu