India will be the first recipient of local currency financing by the Asian Infrastructure and Investment Bank (AIIB). The objective of local currency financing is to provide more options to borrowers.
India is the second-largest shareholder of AIIB with a 7.5% stake. It has received about USD 2-billion funding for various projects so far. China holds 20.06% and Russia holds 5.92%.
Asian Infrastructure and Investment Bank (AIIB) :
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 70 members as well as 27 prospective members from around the world.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.