Members of AIIB. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Kindly visit the Manage my subscription page to discover the benefits of this programme. Here are the top 10 shareholders among the bank's members. This is the largest gap between the first- and second-largest shareholders at any existing MDB. Voting powers. The weather has welcomed all delegates with a delightful Monsoon and for all us Mumbaikars, Monsoon is a great time. The theme for this year's meeting is "Mobilising Finance for Infrastructure: Innovation and Collaboration" that will see leaders from varied organizations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment. The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China. Mains Link: Write a note on the Asian Infrastructure Investment Bank (AIIB). Prime Minister Narendra Modi will inaugurate AIIB's third annual meeting, scheduled to be held from June 25 to 26 in Mumbai. The AIIB, proposed by President Xi Jinping in 2013, is the first major multilateral lender with developing countries holding the majority of the shares and votes. I am personally delighted to be hosting this very important general meeting of AIIB and I thank all the agencies who have supported this," he said. The bank will have authorized capital of $100 billion, with China contributing to $29.78 billion and owning 26.06 percent of the votes, according to the agreement. Top shareholders. We are also the largest recipient of concessional finance for various infrastructure projects. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with headquarters in Beijing, China. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed. Support quality journalism and subscribe to Business Standard. We believe in free, fair and credible journalism. India and Russia are the second- and third-largest shareholders. Here are the top 10 shareholders among members of the Asian In. India and Russia are the second- and third-largest shareholders. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Sources: the Hindu. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Goyal also said that the AIIB had sanctioned an investment into the National Infrastructure Investment Fund (NIIF). "I was also given the good news that today the AIIB Board has approved an investment in the NIIF, the first tranche of $100mn has got approved today, which will be followed by a similar tranche," Goyal said. The China-initiated Asian Infrastructure Investment Bank (AIIB) took a historic step forward on Monday with the signing of a framework for the current 57-member institution. Union Minister of Railways and Coal Piyush Goyal on Sunday revealed that India was the second largest shareholder of the Asian Infrastructure Investment Bank (AIIB) and that almost a quarter of all funds committed by AIIB have been for Indian projects. Union Minister of Railways and Coal Piyush Goyal on Sunday revealed that India was the second largest shareholder of the Asian Infrastructure Investment Bank (AIIB) and that almost a quarter of all funds committed by AIIB have been for Indian As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. The signing wrapped up six months of intense behind-the-scenes negotiations and paved the way for establishing the bank before the end of this year. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. China's voting share at the AIIB (28.7%) is substantially larger than that of the second-largest AIIB member nation, India (8.3%). Mumbai (Maharashtra) [India]  AIIB supported projects in India. Team Business Standard, Restrictions on media in Hathras to continue till SIT probe: UP police, PM Narendra Modi condoles demise of Rajya Sabha MP Ashok Gasti, Punjab CM tests negative for Covid-19, ends week-long self-isolation. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Enjoy Reading! Big Ben, Houses of Parliament and Westminster Bridge viewed from across the River Thames, London Nov 6, 2014. He was similarly elated with India getting the opportunity to host AIIB's third annual meeting. China will be the largest shareholder (at 30.34 per cent), followed by India (8.52 per cent) and Russia (6.66 per cent). Goyal then extended his gratitude towards the Government of Maharashtra and particularly Chief Minister Devendra Fadnavis for his active support to the programme, all the delegates who have journeyed from across the globe to Mumbai. [File photo], Interview: AIIB has opportunity to establish right standards for multilateral development banks: expert. Speaking to the press at the inauguration of the India Infrastructure Expo ahead of the third annual meeting of the AIIB, he said, "India is the second largest shareholder of the AIIB. Digital Editor. India and Russia are the second- and third-largest shareholders. 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"document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); "Nearly 25% of the total funds committed by AIIB have been committed for projects in India, both in the government sector and the private sector, which is a matter of great satisfaction," he added. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to improve economic and social outcomes in Asia. Categories INSIGHTS Tags AIIB UPSC, Asian Infrastructure Investment Bank (AIIB) Post navigation. It is an important topic for the UPSC exam because it has relevance for both the economy and the international relations segments of the UPSC syllabus.. AIIB UPSC Notes:-Download PDF HereAsian Infrastructure Investment Bank (AIIB) Topics We, however, have a request. Read more about India is second largest shareholder of AIIB: Piyush Goyal on Business Standard. The AIIB has a governance structure similar to other MDBs, Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. A view of The London Parliament, Big Ben, and the Westminster Bridge viewed from across the Thames river at dusk. The signing wrapped up six months of intense behind-the-scenes negotiations and paved the way for establishing the bank before the end of this year. The bank currently has 103 members as well as 21 prospective members from around the world. The China-initiated Asian Infrastructure Investment Bank (AIIB) took a historic step forward on Monday with the signing of a framework for the current 57-member institution. 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As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. "India is extremely delighted to host the 3rd Annual General Meeting. Your support through more subscriptions can help us practise the journalism to which we are committed. In the past, AIIB annual meetings have been held in Beijing, China, in 2016 and in Jeju, South Korea, in 2017. ), Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. The AIIB, proposed by President Xi Jinping in 2013, is the first major multilateral lender with developing countries holding the majority of the shares and votes. Last Updated at June 24, 2018 21:15 IST. The bank will have authorized capital of $100 billion, with China contributing to $29.78 billion and owning 26.06 percent of the votes, according to the agreement. Business Finance, ANI  |  India and Russia are the second- and third-largest shareholders. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Here are the top 10 shareholders among the bank's members.