AIIB approved USD 329 million loan for Gujarat rural roads

AIIB approved USD 329 million loan for Gujarat rural roads

Question: Which of the following is the biggest shareholder of Asian Infrastructure Investment Bank?
a) India
b) China
c) Brazil
d) Russia
Ans: (b)

Related facts:-

  • On July 4, 2017, Asian Infrastructure Investment Bank (AIIB) approved a loan of US$329 million to build access roads to approximately 4,000 villages in all 33 districts of Gujarat, India.
  • This project will construct and upgrade district and farm-to-market roads for the villagers and provide access to educational institutions, schools and hospitals.
  • This project is a part of phase one of the multiphase Government of Gujarat’s “Chief Minister’s Rural Roads Program” that complements the Government of India’s “Prime Minister’s Rural Roads Program”.
  • The Bank is piloting a unique software tool specifically developed for this rural roads project.
  • AIIB is a multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia.
  • AIIB has 80 approved members and is headquartered in Beijing.
  • China is the bank’s biggest shareholder, contributing around USD $30 billion to its USD 100 billion capital, and India is the second-biggest shareholder with an $8 billion contribution.

Reference:
https://www.aiib.org/en/news-events/news/2017/20170705_001.html
http://indiatoday.intoday.in/story/china-aiib-gujarat-loan-rural-roads-projects-india/1/994529.html