# AIIB (Asian Infrastructure Investment Bank) •Launched on 24th Oct 2014. Headquarter-Beijing (China) •Objective-To reduce dependence on western dominated multilateral lenders like World bank,IMF •Authorised capital of AIIB is $100bn and initial subscribed capital is around $50bn •India will be 2nd largest share holder after China •Secretary general of AIIB-Jin Liquin (Chinas vice finance minister and also the former vice president of Asian Development Bank) •Member Countries (Total 21) are as follows- China,India,Thailand,Malaysia,Singapore,Phillipines,Pakistan,Bangladesh,Brunei,Cambodia,Kazakhstan,Kuwait,Laos,Myanmar,Mongolia,Nepal,Oman,Qatar,Srilanka,Uzbekistan and Vietnam. •Usha Titus, Joint secretary economic affairs division of the ministry of finance signed MoU on behalf of India •Japan,South Korea,Australiadidnt attend the function (Although they were invited)
Posted on: Tue, 28 Oct 2014 04:01:11 +0000
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