AIIB - Infra funding major

The newly-created Asian Infrastructure Investment Bank (AIIB) steps up efforts to tap newer avenues for infrastructure development. On June 29, 50 countries, including India, signed an agreement to set up the $100-billion new regional development bank, modeled on the lines of the Asian Development Bank (ADB), at Beijing. India is the second largest shareholder with 8.52% in AIIB. AIIB would enable India to access new resources for financing of national and cross-border infrastructure projects.