IAS Important Topics on International Current Affairs: The Union Public Service Commission (UPSC) will conduct the civil services (CS) preliminary examination on June 18 this year. It is one of the most esteemed and toughest exams in the country. With a success rate of 0.1- 0.3 percent of the total percentage of candidates who apply, it is really difficult to nail the examination.
As you know, On 10th May 2017, we have shared IAS Prelims 2017 Important Topics on International current affairs which will help you prepare for your upcoming examination. Here is the topic that we have discussed yesterday, Click on the link below to explore.
Let us move forward with our next topic i.e. Asian Infrastructure Investment Bank.
IAS Important Topics on International Current Affairs
Today we will discuss the seventh topic i.e Asian Infrastructure Investment Bank. Below mentioned is the explanation of the said topic.
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Asian Infrastructure Investment Bank (AIIB)
The Asian Infrastructure Investment Bank (AIIB) is an multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 52 member states while another 25 are prospective members (as of May 2017) and was proposed as an initiative by the government of China.
Why In News
- Asian Infrastructure Investment Bank (AIIB) president Jin Liqun attended the first annual meeting of AIIB in Beijing, China, June 25, 2016.
New Development
- HONG KONG Membership: Hong Kong, which is a special administrative region of China, has applied for membership and will soon be a full member of the bank.
- European partnership: European Bank for Reconstruction and Development (EBRD) has partnered with AIIB on its first deal because of lean structure and flexible functioning of AIIB.
What is AIIB
- Representatives from 22 countries signed the October 2014 Memorandum of Understanding (MOU) to establish the AIIB and Beijing was selected to host Bank headquarters.
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank (MDB) conceived for the 21st century. The AIIB will complement and cooperate with the existing MDBs to jointly address the daunting infrastructure needs in Asia.
- The AIIB was envisaged “to promote interconnectivity and economic integration in the region” and “cooperate with existing multilateral development banks”.
- AIIB as envisaged will be lean, clean and green: lean, with a small efficient management team and highly skilled staff; clean, an ethical organization with zero tolerance for corruption; and green, an institution built on respect for the environment.
Structure
Board of Governors
- Highest Decision Making body.
- Voting power according to share holding
- Shareholding according to GDP
Board of Directors
- Board of Governors, will elect these directors.
- They’ll decide budget and submit reports to Board of Governors
President
- He is the president of Board of directors.
- Person with long experience and ethical integrity in banking /economics / finance.
- He’ll be selected on “merit”.
- Responsible for Day to day administration, hire and fire staff.
- He can appoint vice President to reduce work load
Voting and Share Pattern
- China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively. Their voting shares are 26.06%, 7.5% and 5.92% respectively.
India- AIIB
- For India, AIIB may have a significant impact on the finances available for its energy needs. The AIIB is crucial for India for its lagging infrastructure sector as the bank would offer access to funds with more ease and less regulatory hurdles.
China – AIIB
- Beijing hopes to achieve independence from the current global financial system that is majorly under heavy influence and control of the US.
- With AIIB, China wants to contribute to a start point of a parallel financial system away from the ones under complete Western dominance.
- Such a system will protect China in an event of global financial seclusion and develop a transitory system for both its political and commercial entities that it can use with its allies more freely.
Over here we conclude our article on IAS Important Topics on International Current Affairs. Stay tuned with us for the rest of the topic that we will discuss day by day.
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