ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
News:The Asian Infrastructure Investment Bank(AIIB) has committed to lending $500 million to expand Mumbai’s suburban railway network.
Facts:
About AIIB:
- 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.
