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May 24, 2023

AIIB says will invest in emergency relief 

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FA News Desk

The Asian Infrastructure Investment Bank (AIIB) is to invest in its member countries an emergency relief fund for those who are being hit by natural disasters and climate change.

China might use the AIIB to compete directly with the World Bank and the IMF in international lending for development and for balance of payment problems. 33

As the World Bank, International Monetary Fund, Asian Development Bank are dominated by other developed countries, AIIB was established aiming for prosperity and economic development for Asia.

As other multilateral banks have similar crisis response funds, AIIB has so far invested into 217 projects of various sectors worth US $ 41.22 billion that plan to deliver 34 member nations.

The Beijing-based AIIB has 106 Member States membership, which also has an office in Abu Dhabi of United Arab Emirates, began operating in 2016 that served Asia and Oceania with a focus on funding sustainable, green infrastructure in developing countries. It was viewed as an alternative to Western-backed multilateral lenders like the World Bank and has rapidly grown to 106 members, including shareholders such as India, Russia, the U.K., Australia and France.

AIIB will convene its annual meeting in Sharm el-Sheikh, Egypt from September 25-26, 2023.

Nepal is a regional founding member of AIIB and signed the Articles of Agreement on 29 June 2015.