It is a multilateral financial institution which brings countries together to address the daunting infrastructure needs across Asia. It is headquartered at Beijing. The membership in AIIB is open to members of the International Bank for Reconstruction and Development or the Asian Development Bank. It has authorized capital of US 100 billion dollars and subscribed capital of USD 50 billion.
China, India and Russia are the three largest shareholders of AIIB with voting shares are 26.06%, 7.5% and 5.92% respectively. US & Japan are not its members. It aims to stimulate growth and improve access to basic services by furthering interconnectivity and economic development in the region through advancements in infrastructure. It has invested in 13 member regions. It offers sovereign and non-sovereign finance for projects in various sectors with an interest rate of London Interbank Offered Rate (LIBOR) plus 1.15 % and a repayment period of 25 years with years in grace period.
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