News:Asian Infrastructure Investment Bank(AIIB) has set up a US$10 billion Crisis Recovery Facility in the wake of the Coronavirus pandemic.
Facts:
- Aim: To provide financing to both public and private sector entities within its members facing serious adverse impacts as a result of Coronavirus pandemic.
Additional Facts:
AIIB:
- The Asian Infrastructure Investment Bank(AIIB) is an international financial institution formed in 2016.
- Aim:To provide finance to infrastructure projects in the Asia-Pacific region.
- Headquarters: Beijing,China.
- Members: 102.India is one of the founding members.
- Voting rights: China is the largest shareholder followed by India and Russia
