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Can you list the top facts and stats about Asian Infrastructure Investment Bank?
Summarize this article for a 10 year old
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank and international financial institution that aims to collectively improve economic and social outcomes in Asia. It is the world's second largest multi-lateral development institution. Headquartered in Beijing, China, the bank currently has 109 members, including 14 prospective members from around the world. The breakdown of the 109 members by continents are as follows: 42 in Asia, 26 in Europe, 22 in Africa, 9 in Oceania, 8 in South America, and 2 in North America. The bank started operation after the agreement entered into force on 25 December 2015, after ratifications were received from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.
|16 January 2016; 8 years ago (2016-01-16)
|International financial institution
|Worldwide, with a focus on Asia, Africa and Oceania
|109 member states
|English (lingua franca)
|Jin Liqun (President)
The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development" and to improve the global economic governance. The starting capital of the bank was US$100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank. The bank was first proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014. It has since received the highest credit ratings from the three biggest rating agencies in the world, and has been seen since its inception as a potential rival or an alternative to the World Bank and the International Monetary Fund (IMF).
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