China, India and Russia will be the top three shareholders of Asia Infrastructure Investment Bank (AIIB). China will be the largest shareholder in the AIIB followed by India and Russia. China is likely to have a 30.85 per cent share in the bank, followed by India with 10.4 per cent. Based on the GDP and Purchasing Power Parity (PPP), China was expected to get the post of President and India as one of the Vice Presidents. German Ambassador to China Michael Clauss notified Germany will have a director on the board of the AIIB. He said China would prove to be an influential player in the bank, like the United States in the World Bank or the International Monetary Fund.
Points to Remember:
- Founding members of the bank will initially pay up to one-fifth of its USD 50 billion authorised capital, which will be raised to USD 100 billion.
- A total of 57 countries have joined AIIB as founding members-37 from Asia, which is set to mainly finance major infrastructure projects in Asia.
- An agreement on the structure of the bank will be signed before the end of June.
- The chief negotiators of the 57 prospective founding members held their fifth meeting in Singapore to finalise the Bank’s structure.
- Full Form: Asia Infrastructure Investment Bank (AIIB)
- It is an international financial institution proposed by the government of China.
- Formation: 24th October 2014
- Headquarters: Beijing, China
- General Secretary: Jin Liqun
- Membership: 57