Nirmala Sitharaman urges AIIB to scale up its investment in renewable energy in India

Tags: Economy/Finance Person in news

The Union Finance Minister Nirmala Sitharaman in a meeting with the visiting Asian Infrastructure Investment Bank (AIIB) President Jin Liqun asked the AIIB to scale up investment in renewable energy and smart technologies and also to set up a regional office in India.

The AIIB President Jin Liqun is currently on a visit to India.

Asian Infrastructure Investment Bank (AIIB) 

• It is a multilateral development bank which was set up in 2016 with 57 countries as its founding members. India is a founding member of AIIB. 
• In 2020 the Bank has 103 member countries representing approximately 79 percent of the global population and 65 percent of global GDP.
• The United States and Japan are not the members of the bank .

Shareholders of the Bank 

• The bank has an authorized capital of $100 billion.
• China is the majority shareholder of the bank with 29.9% share  and India is the second largest shareholder of the bank with 7.74% stake . 

Area of Operation 

• Its area of operation is in Asia and it provides loans to build Infrastructure of tomorrow -green infrastructure with sustainability, innovation and connectivity at its core.
• It Provides loans to both government as well as private companies.
• AIIB has given maximum loans to India 
• It will set up its first overseas office in Abu Dhabi, United Arab Emirates (UAE).
• Urjit Patel of India is one of the five Vice-President of AIIB.

Current President of the Bank: Jin Liqun of China.

Headquarters: Beijing, China