AIIB Grants 1st loan to China to Reduce Dependence on Coal

The Asian Infrastructure Investment Bank (AIIB) approved its first loan to China, its largest shareholder, to reduce its dependence on coal by over 600,000 tonnes annually by building a natural gas distribution network for villages.
The USD 250-million-loan will fund a project to connect 216,750 households in approximately 510 villages to the natural gas distribution network. With an authorized capital of USD 100 billion, China is the largest shareholder with 26.06 percent voting shares. India is the second largest shareholder with 7.5 percent followed by Russia 5.93 percent and Germany 4.5 percent.

Static/Current Takeaways Important for RBI Assistant Mains 2017 Exam-
  • AIIB Headquarter- Beijing, China, Commenced operations in- January 2016.
  • AIIB President- Mr. Jin Liqun.
Source- Press Information Bureau (PIB)