30 more countries expressed interest in joining AIIB
At present, the Asian Infrastructure and Investment Bank has 57 countries. With the joining of more countries, the legitimacy of the bank is expected to grow in near future.
30 more countries have expressed interest in joining the Beijing-based Asian Infrastructure Investment Bank (AIIB). An announcement in this regard was made by Foreign Ministry spokesperson of China Hua Chunying on 17 January 2017.
About Asian Infrastructure and Investment Bank
• The primary objective of the bank is to finance infrastructure building in Asia.
• The bank is expected to fill the infrastructure deficit by playing a complimentary role along with other multi-lateral financial institutions like Asian Development Bank (ADB) and the International Monetary Fund (IMF).
• The China-sponsored bank came into existence on 29 June 2015 with the signing of 60-article agreement. So far, the agreement was signed and ratified by 57 countries.
• The bank has an authorized capital of USD 100 billion.
• Asian countries will contribute up to 75 per cent of the total capital. The member countries will be allocated a share of the quota based on their economic size.
• China will contribute USD 29.78 billion to the bank’s total capital base. With this amount, it becomes the AIIB’s largest shareholder with a 30.34 per cent stake.
• India is the second-largest shareholder. It has 8.4 per cent stake in the bank.
• In terms of shareholding, India is followed by Russia. It has a 6.5 per cent stake in the bank.
• Jin Liqun of China is the President of the bank. India’s nominee D J Pandian was appointed as the Vice-President of the bank in February 2016.
Key member countries of AIIB are -
China, India, Russia, Britain, France, Australia, Germany, Luxembourg, Switzerland, Austria, Singapore, South Korea, Qatar, Oman, Pakistan, Bangladesh, Denmark, Kuwait, Malaysia, Philippines, Holland, South Africa, Thailand, Azerbaijan, Brunei, Cambodia, Egypt, Finland, Georgia, Iceland, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kyrgyzstan, Laos, Maldives, Malta, Mongolia, Myanmar, Nepal, The Netherlands, New Zealand, Norway, Poland, Portugal, Saudi Arabia, Spain, Sri Lanka, Sweden, Tajikistan, Turkey, United Arab Emirates (UAE), Uzbekistan and Vietnam.