The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in O...........

Economic and Social Issues International Funding institutions

The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014. It received the highest credit ratings from the three biggest rating agencies in the world, and is seen as a potential rival to the World Bank and IMF.The starting capital of the bank was $100 billion, equivalent to about half that of the World Bank. Which bank we are talking about in the above passage?

Asian Development Bank

International Bank of Asia

New Development Bank

Asian Infrastructure Investment Bank

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Explanation:

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. · Headquartered in Beijing, we began operations in January 2016 and have now grown to 100 approved members worldwide. · By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future. · India was the second largest shareholder of the Asian Infrastructure Investment Bank (AIIB) as on June 2018 and that almost a quarter of all funds committed by AIIB have been for Indian projects. · China is the largest shareholder.