AIIB conclave 2018: PM Modi to inaugurate 3rd annual meet today; all about multilateral development bank

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Published: June 26, 2018 10:06:48 AM

The third annual meeting of the Asian Infrastructure Investment Bank (AIIB) will be inaugurated by Prime Minister Narendra Modi on Tuesday in Mumbai.

The third annual meeting of the Asian Infrastructure Investment Bank (AIIB) will be inaugurated by Prime Minister Narendra Modi on Tuesday. (Reuters)

AIIB conclave 2018: The third annual meeting of the Asian Infrastructure Investment Bank (AIIB) will be inaugurated by Prime Minister Narendra Modi on Tuesday in Mumbai. The Asian Infrastructure Investment Bank (AIIB) and the Department of Economic Affairs are jointly hosting the two-day meet. The theme for this year’s meeting is ‘Mobilising Finance for Infrastructure: Innovation and Collaboration’.

The event will see leaders from various organisations and government share ideas and experiences for creating a sustainable future via sound infrastructure investment, the finance ministry said in a statement. Eighty six member nations will participate this time.

The bank with 100 billion dollars deposit provides long-term loans at low interest rates. AIIB has sanctioned 1.2 billion dollars for six infrastructure projects in India. Moreover, projects worth 1.9 billion dollars are under consideration.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 64 member states while another 22 are prospective members for a total of 86 approved members and was proposed as an initiative by the government of China.

Meanwhile on Monday, AIIB President Jin Liqun said that the current global scenario is risky and the ongoing issues need to be resolved soon so as to avoid an all-out trade war. The ongoing trade war between the US and China is a global concern and could easily impact the global economic growth, CNBC TV18 reported citing AIIB President. The third annual meeting of the AIIB began on Monday in Mumbai. He also said that the Chinese government is looking to solve tariff issues with United States at the earliest possible. We hope both sides will try their very best to work this out, said he.

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