Asian Infrastructure Investment Bank is a multilateral development bank which aims to improve social and economic conditions of the countries in Asia.
Members of the bank:
The bank currently has 105 members. The breakdown of the 105 members by continents are as follows: 42 in Asia, 26 in Europe, 20 in Africa, 8 in Oceania, 8 in South America, and 1 in North America. The bank started operation after the agreement entered into force on 25 December 2015, after ratifications were received from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.
Capital of AIIB:
The starting capital of the bank was US$100 billion, equivalent to 2⁄3rd of the capital of the Asian Development Bank and about half that of the World Bank.
The bank was proposed by China in 2013 and was formed in January 2016.
Rival:
AIIB is seen as potential rival to IMF and World Bank.
Members:
The 57 Prospective Founding Members can become Founding Members through:
- Signing the Articles of Agreement in 2015
- Ratifying the Articles of Agreement in 2015 or 2016
Non Members:
USA, Japan and South Korean are non members.
Share Holding Structure:
Basic Votes – 12% of total votes
Share Votes – 85% of total votes
Founding members Votes – 3% of total votes
Founding Members:
India is a founding member of AIIB. 10 founding members hold 15% of authorized capital stock. Urjit Patel is the Vice president of invest division in AIIB from India.