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
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