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Asian Infrastructure Investment Bank

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News:

Canada has frozen its ties with AIIB over allegations of substantial interference from the Chinese Communist Party.

What:

Why:

  • Conceived as a vehicle to address the growing need for development finance in Asia.

Significance:

  • The AIIB is perceived as a rival of the Asian Development Bank and the World Bank. However, AIIB has much lesser capacities than the latter two.
  • It also seen as a diplomatic coup for China. Through the AIIB, China has successfully attracted countries (including India) that are wary of Chinese development initiatives like BRI.

Who:

  • It has a membership of >100 countries.
  • China has the most voting power (26.58%), given its $27 billion contribution.
  • India is the 2nd largest shareholder (7.6% voting power) with $8 billion commitment.
  • Russia is the 3rd largest with 5.97% voting power.
  • Other members include- Germany, South Korea, UK, Australia, France, Indonesia, etc.

Where:

  • It is based in Beijing.

When:

  • Started in 2016, with 57 members.

Facts:

  • Some of the projects financed by the AIIB in India:
    • Chennai Metro Rail Phase 2
    • Chennai Peripheral Ring Road
    • Project to improve Assam’s secondary road network, etc.

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