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Asian Infrastructure Investment Bank (AIIB)

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    28th Aug, 2020
  • Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation and the Asian Infrastructure Investment Bank (AIIB) have signed a loan agreement for a $500 million.
  • To improve the network capacity, service quality and safety of the suburban railway system in Mumbai.
  • Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
    • It is headquartered in Beijing.
    • It commenced operations in January 2016.
    • It is a development bank with a mission to improve the economic and social outcomes in Asia.
  • Membership in AIIB shall be open to members of the International Bank for Reconstruction and Development or the Asian Development Bank.
  • Unlike other MDBs (multilateral development bank), the AIIB allows for non-sovereign entities to apply for AIIB membership, assuming their home country is a member.
  • The United Nations has addressed the launch of AIIB as having potential for “scaling up financing for sustainable development” for the concern of global economic governance.

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