Question
Which of the following Statement is/are True about
AIIB? I- It is headquartered in Beijing and began its operations in January 2016. II- All the G-20 nations are members. III- Board of Governors is the highest decision-making body of AIIB.Solution
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. It is established by the AIIB Articles of Agreement (entered into force Dec. 25, 2015) which is a multilateral treaty. The Parties (57 founding members) to agreement comprise the Membership of the Bank. It is headquartered in Beijing and began its operations in January 2016. Fourteen of the G-20 nations are AIIB members including France, Germany, Italy and the United Kingdom. The Board of Governors consists of one Governor and one Alternate Governor appointed by each member country. Governors and Alternate Governors serve at the pleasure of the appointing member. All the powers of the AIIB are vested in the Board of Governors.
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Every suit shall be instituted by presentingÂ
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