Asian Infrastructure Investment Bank (AIIB)

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.