The UK, Germany, Australia and South Korea are among the founding members. AIIB set to rival the World Bank and Asian Development Bank.
Below are the important facts need to know about Asian Infrastructure Investment Bank...
- Asian Infrastructure Investment Bank was proposed by China in 2013.
- It was created on October 21, 2014.
- The constitution for the Asian Infrastructure Investment Bank signed on June 29, 2015.
- The AIIB's headquarters will be in China's capital city, Beijing.
- All of the BRICS nations - Brazil, Russia, India, China, and South Africa - are on board.
- The AIIB will finance infrastructure projects throughout Asia, such as roads, railways and ports.
- The AIIB will have start up capital of $50 billion, and is authorized to eventually issue capital of twice that amount.
- Members will contribute money according to the size of their economies.
- China with a 30.34 percent stake has become the largest shareholder in AIIB while India stands at second position with 10-15 percent stake.
- The AIIB is likely to become functional by the end of 2015.
- Japan is nearly alone in Asia in not joining the AIIB.
- The AIIB also has great representation in Europe. Nearly all of Western Europe officially signed up for the new bank.