{"id":3015,"date":"2020-02-18T07:40:00","date_gmt":"2020-02-18T07:40:00","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=3015"},"modified":"2021-04-26T12:06:32","modified_gmt":"2021-04-26T06:36:32","slug":"full-form-of-aiib-with-all-details","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/full-form-of-aiib-with-all-details","title":{"rendered":"Full form of AIIB With All Details"},"content":{"rendered":"\n

The Asian Infrastructure Investment Bank (AIIB) <\/strong>is a multilateral development bank. The mission of AIIB is to improve social and economic outcomes in Asia. It entered into force on December 15, 2015 by the AIIB Articles of Agreement<\/strong> and opened for business on January 16, 2016<\/strong>. The members of AIIB have now grown to 102 members<\/strong> worldwide out of which 26 are prospective members. It is headquartered in Beijing, China.<\/strong> It is headed by the President of AIIB Jin Liqin<\/strong>. The initial capital of AIIB was USD 100 billion <\/strong>which is divided into 1 million shares of 100,000 dollars each. The capital is equivalent to two third of the ADB (Asian Development Bank) and about half of World Bank. The largest contributor is China, with a contribution of USD 50 billion followed by India, USD 8.4 billion<\/strong>. The goal of the bank is to stimulate sustainable development by investing in infrastructure and productive sectors, to encourage regional cooperation and partnership by working in collaboration with other multilateral and bilateral development institutions and to foster investment in public and private capital for infrastructure development. <\/p>\n\n\n\n

The Main Organ of AIIB: Board of Governors and Board of Directors. <\/strong><\/h2>\n\n\n\n

Board of Governors<\/strong>: <\/h3>\n\n\n\n

The Board of Governors consists of\n1 Governor and 1 Alternate Governor appointed by the members\u2019 country. Both Governors\nserve at the pleasure of the appointing member. Board of governors is entitled to\nhave all the powers in the bank. The first\nAIIB Board of Governors meeting was held at Beijing, china in 2016.<\/strong> The recent\nAIIB annual meeting was held at Luxemburg<\/strong>\nin July 12-13, 2019. This was the first meeting of AIIB held outside Asia. The theme\nof the meeting was \u201cCooperation and Connectivity\u201d.\n<\/strong><\/p>\n\n\n\n

Board of Directors: <\/strong><\/h3>\n\n\n\n

The Board of Directors consist of 12 members. The members of Board of directors shall not be the members of Board of Governors. The members of Board of Directors are elected by the governors, nine of which represents regional members and three represent non-regional members. <\/p>\n\n\n\n

Persons of high competence in\neconomic and financial matters are elected as Directors of the Board. To reduce\nthe operating cost, the Board of directors remained as a non-resident board. It\nexercise all the powers assign to it by the Board of Governors, some of it includes:<\/p>\n\n\n\n