- Recently the Government of India and the Asian Infrastructure Investment Bank (AIIB) has signed a $750 million agreement for “COVID-19 Active Response and Expenditure Support Programme”.
- a multilateral development bank with a mission to improve social and economic outcomes in Asia, began operations in January 2016.
- AIIB has now grown to 102 approved members worldwide.
- AIIB is a brainchild of China.
- The prime aim of the AIIB is infrastructure development.
- By establishing interconnectivity across Asia through advancement in the construction of infrastructure and other productive services, the AIIB can stimulate growth and economic development in the Asian Region.
- Headquarter-Beijing, China