Asian Infrastructure Investment Bank

"AIIB" redirects here. For other uses, see AIIB (disambiguation).

Asian Infrastructure Investment Bank
AbbreviationAIIB
Formation16 January 2016; 8 years ago (2016-01-16)
TypeInternational financial institution
Legal statusTreaty
PurposeCrediting
HeadquartersBeijing, China
Region served
Worldwide, with a focus on Asia, Africa and Oceania
Membership
110 member states[1]
Official language
English[2] (lingua franca)
Key people
Jin Liqun[3] (President)
Main organ
  • Board of Governors
  • Board of Directors
Websiteaiib.org

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank and international financial institution that aims to collectively improve economic and social outcomes in Asia.[4] It is the world's second largest multi-lateral development institution.[5] Headquartered in Beijing, China, the bank currently has 110 members, including 12 prospective members from around the world.[1] The breakdown of the 110 members by continents are as follows: 42 in Asia, 26 in Europe, 22 in Africa, 10 in Oceania, 8 in South America, and 2 in North America. 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.[6]

The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development"[7] and to improve the global economic governance.[8] The starting capital of the bank was US$100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.[9] The bank was first proposed by China in 2013[10] and the initiative was launched at a ceremony in Beijing in October 2014.[11] It has since received the highest credit ratings from the three biggest rating agencies in the world, and has been seen since its inception as a potential rival or an alternative to the World Bank and the International Monetary Fund (IMF).[12][13]

  1. ^ a b "Members and Prospective Members of the Bank". AIIB. Retrieved 28 September 2023.
  2. ^ "Articles of Agreement – AIIB" (PDF). Asian Infrastructure Investment Bank. Archived from the original (PDF) on 27 December 2015. Retrieved 21 July 2015.
  3. ^ "Jin Liqun Selected President-designate of the Asian Infrastructure Investment Bank". Multilateral Interim Secretariat of AIIB. 24 August 2015. Archived from the original on 3 August 2016. Retrieved 28 August 2015.
  4. ^ "AIIB: Who We Are". Retrieved 21 August 2020.
  5. ^ Zhao, Suisheng (2023). The dragon roars back : transformational leaders and dynamics of Chinese foreign policy. Stanford, California: Stanford University Press. p. 249. ISBN 978-1-5036-3088-8. OCLC 1331741429.
  6. ^ Cite error: The named reference AOAtext was invoked but never defined (see the help page).
  7. ^ "World Economic Situation and Prospects 2015" (PDF). United Nations. Retrieved 21 July 2015.
  8. ^ United Nations Financing for Development Office. "Global Economic Governance". Archived (PDF) from the original on 3 April 2015. Retrieved 29 March 2015.
  9. ^ "The Economist explains". The Economist. 11 November 2014.
  10. ^ "China says new bank to complement existing institutions". The Washington Post. 21 March 2015. Archived from the original on 9 May 2015.
  11. ^ "Three major nations absent as China launches World Bank rival in Asia". Reuters. 5 November 2014.
  12. ^ "AIIB looks to attract private financing for projects". GBTIMES. Archived from the original on 17 August 2018. Retrieved 2 June 2018.
  13. ^ Dahir, Abdi Latif. "The growing membership of a China-led development bank challenges the IMF-World Bank orthodoxy". Quartz.