AIIB is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia.
The bank has 52 member states while another 18 are prospective members with its headquarters at Beijing, China.
United States and Japan are not its members.
It aims to stimulate growth and improve access to basic services by furthering inter connectivity and economic development in the region through advancements in infrastructure.
AIIB offer sovereign and non-sovereign finance for projects in energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics.
The loans will have an interest rate of London Interbank Offered Rate (LIBOR) plus 1.15 % and a repayment period of 25 years with 5 years in grace period.
It has authorized capital of US 100 billion dollars and subscribed capital of USD 50 billion.
China, India and Russia are the three largest shareholders of AIIB, taking 30.34%, 8.52%, 6.66% stake respectively.
Their voting shares are 26.06%, 7.5% and 5.92% respectively.
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