Asian Infrastructure Investment Bank (AIIB)
- Posted By
10Pointer
- Categories
Economy
- Published
28th Aug, 2020
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- 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.
