Why in news :- The whold world is suffering from corona pandemic. Several countries want to money for the testing and infrastructure facilities.
In this post we will know about these banks and its work only for prelims purpose.
AIIB - ASIAN INFRASTRUCTURE INVESTMENT BANK:-
Why in news:- India seeks $6 billions loans from AIIB.
It is a multilateral development bank with a mission to improve Social and economic outcomes in Asia & beyond . It is established by the AIIB Articles of Agreement (entered into force December 25, 2015) which is multilateral treaty.
Founding Member :- 57 countries
It commenced operations in January, 2016.
Total member till 2019- 107
New Member:- Croatia, Senegal
Governance:-
(1) Board of Governors:- One Governor and one Alternate Governor appointed by each member country
(2)Board of Directors:- They gains power from Board of Governors. B.O.G may delegate any or all its power except:-
(a) Admit new member and determine the condition of their admission
(b) Increase or Decrease the authorised Capital stock the bank.
(c)Elect the directors of the bank and determine the expenses to be paid for directors and alternate directors and remuneration.
(d) elect the president.
(e) Approve after reviewing the auditiors report the general balance sheet and statement of profit and loss of the banks.
(f) Amend the AIIB articles of agreement.
Annual Meeting:-
1st Meeting - 2016, Beejing
2nd Meeting- 2017,JEJU,KOREA
3rd Meeting- 2018, Mumbai
4th Meeting-2019, Luxemburg (first Meeting Outside of Asia)
China is the largest contributor to Banks Contributing $50 billions and imdia -8.4 billions.
Voting power:- Depend on share valu.
JAPAN & USA ARE NOT MEMBER OF AIIB.
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