Asian Infrastructure Investment Bank (AIIB) launches $10 billion Energy, Food Security and Economic Resilience Facility

Key facts

• The Asian Infrastructure Investment Bank (AIIB) has launched a $10 billion Energy, Food Security and Economic Resilience Facility to support member countries affected by the Middle East conflict.
• The facility provides a time-bound financing envelope of up to $10 billion over two years to offer budgetary assistance, funding for critical expenditures, and liquidity support.
• India is the second-largest shareholder in the Beijing-headquartered AIIB with 7.58 per cent voting rights, following China which holds 26.54 per cent.
• Other major shareholders in the $100 billion capitalised institution include Russia with 5.9 per cent voting rights and Germany with 4.1 per cent voting rights.
• The AIIB, which began operations in 2016 and is AAA-rated, currently has more than 100 approved members including Bangladesh, Pakistan, Australia, Israel, and the UAE.