Asian Infrastructure Investment Bank (AIIB):
The Beijing-based Asian Infrastructure Investment Bank (AIIB) said it was putting on hold and reviewing all projects in Russia and Belarus.
- The move comes amid sweeping sanctions and other financial measures aimed at Russia from a number of countries over its invasion of Ukraine.
- AIIB is a multilateral development bank that aims to improve economic and social outcomes in Asia. AIIB is headquartered in Beijing, China.
- Established In January 16, 2016.
- AIIB has 105 members. China is the AIIB’s largest shareholder with a 26.5% voting share. India is the second-largest, with 7.5%, followed by Russia, which has a 5.97% voting share. Belarus is also a member.
- All powers of the Bank are vested in our Board of Governors, which is the highest decision-making body under its Articles of Agreement.
- The bank is headed by China’s Jin Liqun. Former Reserve Bank of India (RBI) Governor Urjit Patel is a Vice-President of the bank.