News:The Asian Infrastructure Investment Bank(AIIB) has committed to lending $500 million to expand Mumbai’s suburban railway network.
- The Asian Infrastructure Investment Bank (AIIB) is an international financial institution formed in 2016.
- The bank was proposed by China in 2013.It is headquartered in Beijing,China.
- The purpose of the bank is to provide finance to infrastructure projects in the Asia-Pacific region.
- By investing in sustainable infrastructure and other productive sectors in Asia and beyond, the bank aims to better connect people, services and markets that over time will impact the lives of billions and build a better future.
- Currently,the bank has 74 members as well as 26 prospective members from around the world.
- The capital of the bank is $100 billion equivalent to 2/3rd of the capital of the Asian Development Bank and about half that of the World Bank.
- India is the second largest shareholder in AIIB after China and is also the largest recipient of funds from the multilateral agency.