China-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened by President Xi Jinping. An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony. In all 57 countries have joined as founding members while the US and Japan have stayed out. The US-backed Asian Development Bank has started identifying potential co-financing projects with AIIB in such areas as transport, renewable energy, urban and water.

 About AIIB 

• The AIIB was formally established in Beijing on December 25, 2015.
• Chinese Finance Minister Lou Jiwei was elected as the first Chairman of the AIIB council.
• China’s former Finance Minister, Jin Liqun was elected the first AIIB president.
• With authorised capital ofUSD 100 billion and subscribed capital of USD 50 billion,Beijing-based AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.
• China, India and Russia are the three largest shareholders, taking a 30.34 per cent, 8.52 per cent, 6.66 per cent stake respectively in the newly formed Bank. Their voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent.
• Based on the share holding, India is expected to get the Vice President post.