Asian Infrastructure Investment Bank

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to improve economic and social outcomes in Asia.[4] The bank currently has 103 members as well as 21 prospective members from around the world.[1] 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.[5]

Asian Infrastructure Investment Bank

Abbreviation	AIIB
Formation	16 January 2016 (Open for business) 25 December 2015 (Entry into force Articles of Agreement)
Type	Regional Investment Bank
Legal status	Treaty
Purpose	Crediting
Headquarters	Beijing, China
Region served	Asia and Oceania
Membership	103 Members[1]
Official language	English[2]
Key people	Jin Liqun[3] (President)
Main organ	Board of Governors Board of Directors
Website	www.aiib.org

Asian Infrastructure Investment Bank
Simplified Chinese	亚洲基础设施投资银行
Traditional Chinese	亞洲基礎設施投資銀行
Transcriptions Standard Mandarin Hanyu Pinyin Yàzhōu jīchǔ shèshī tóuzī yínháng
Alternative Chinese name
Simplified Chinese	亚投行
Traditional Chinese	亞投行
Transcriptions Standard Mandarin Hanyu Pinyin Yàtóuháng

The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development"[6] and to improve the global economic governance.[7] 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.[8]

The bank was proposed by China in 2013[9] and the initiative was launched at a ceremony in Beijing in October 2014.[10] It received the highest credit ratings from the three biggest rating agencies in the world, and is seen as a potential rival to the World Bank and IMF.[11][12]

History

The proposal for the creation of an "Asian Infrastructure Investment Bank" was first made by the Vice Chairman of the China Center for International Economic Exchanges, a Chinese thinktank, at the Bo'ao Forum in April 2009. The initial context was to make better use of Chinese foreign currency reserves in the wake of the global financial crisis.[13]

The initiative was officially launched by China's Paramount leader Xi Jinping on a state visit to Indonesia in October 2013.[14] The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are heavily dominated by American, European and Japanese interests.[15]

In April 2014, Chinese Premier Li Keqiang delivered a keynote speech at the opening of the Boao Forum for Asia and said that China was ready to intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank.[16][17]

The Asian Development Bank Institute published a report in 2010 which said that the region requires $8 trillion to be invested from 2010 to 2020 in infrastructure for the region to continue economic development.[15][18] In a 2014 editorial, The Guardian newspaper wrote that the new bank could allow Chinese capital to finance these projects and allow it a greater role to play in the economic development of the region commensurate with its growing economic and political clout.[19] But until March 2015, China in the ADB has only 5.47 percent voting right, while Japan and US have a combined 26 percent voting right (13 percent each) with a share in subscribed capital of 15.7 percent and 15.6 percent, respectively. Dominance by both countries and slow reforms underlie China's wish to establish the AIIB, while both countries worry about China's increasing influence.[20]

In June 2014 China proposed doubling the registered capital of the bank from $50 billion to $100 billion and invited India to participate in the founding of the bank.[21][22] On 24 October 2014, twenty-one countries signed a Memorandum of Understanding (MOU) regarding the AIIB in Beijing, China: Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Myanmar, Mongolia, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.[23] Indonesia's joining was slightly delayed due to their new presidential administration not being able to review the membership in time. Indonesia signed the MOU on 25 November 2014.[24]

The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.[25] However, both Australia and South Korea applied to join the bank in March 2015.[26][27][28]

Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.[29] It did however not become one of the prospective founding members and negotiated as part of the Chinese delegation.

In early March 2015, the United Kingdom's Chancellor of the Exchequer, George Osborne, announced that the UK had decided to apply to join the Bank, becoming the third Western country to do so after Luxembourg and New Zealand.[30] The announcement was criticised by the U.S. Obama Administration. A US government official told Financial Times, "We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power." The official further stated that the British decision was taken after "no consultation with the US."[31] In response, the UK indicated that the subject had been discussed between Chancellor Osborne and US Treasury Secretary Jack Lew for several months preceding the decision. It was further stated that joining the bank as a founding member would allow the UK to influence the development of the institution. By encouraging Chinese investments in the next generations of nuclear power plants, Osborne announced that "the City of London would become the base for the first clearing house for the yuan outside Asia."[32]

Following the criticism, the White House National Security Council, in a statement to The Guardian, declared,

Our position on the AIIB remains clear and consistent. The United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around the world. We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks. Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards […] The international community has a stake in seeing the AIIB complement the existing architecture, and to work effectively alongside the World Bank and Asian Development Bank.[33]

Several other European states – including Germany, France and Italy – followed the UK's decision to join the AIIB in March.[34] German Finance Minister Wolfgang Schäuble stated, "We want to contribute our long-standing experience with international financial institutions to the creation of the new bank by setting high standards and helping the bank to get a high international reputation."[35] In March 2015, the South Korean Ministry of Strategy and Finance announced that it, too, is planning to join the AIIB, citing its potential in helping South Korean companies win deals in infrastructural projects as well expanding South Korea's influence in international banking as a founding member.[36] States could indicate their interest in becoming a Prospective Founding Member until 31 March 2015.

Negotiations took place in the framework of five Chief Negotiators Meetings (CNMs) which took place between November 2014 and May 2015. The Articles of Agreement, the legal framework of the bank, were concluded in the fifth CNM. It was signed on 29 June 2015 by 50 of the named 57 prospective founding members in Beijing, while the other seven signed later.

On 25 December 2015, the Articles of Agreement entered into force. On 16 January 2016, the board of governors of the bank convened its inaugural meeting in Beijing and declared the bank open for business. Jin Liqun was elected as the bank's president for a five-year term. 17 states (Australia, Austria, Brunei, China, Georgia, Germany, Jordan, Luxembourg, Mongolia, Myanmar, the Netherlands, New Zealand, Norway, Pakistan, Singapore, South Korea and the United Kingdom) together holding 50.1% of the initial subscriptions of Authorized Capital Stock, had deposited the instrument of ratification for the agreement, triggering entry into force, and making them all founding members[37] and bringing the Articles of Agreement, the bank's charter, into force. 35 other states followed later, taking the amount of Authorized Capital Stock held by the 29 members of the bank to 74%.

Fostering long-term economic development

The Asian Infrastructure Investment Bank can be construed as a natural inter-national extension of the infrastructure-driven economic development framework that has sustained the rapid economic growth of China since the adoption of the Chinese economic reform under chairman Deng Xiaoping. It stems from the notion that long-term economic growth can only be achieved through systematic, and broad-based investments in infrastructure assets – in contrast with the more short-term "export-driven" and "domestic consumption" development models favored by mainstream Western Neoclassical economists and pursued by many developing countries in the 1990s and the first decade of the 21st century with generally disappointing results.[38][39]

Infrastructure as regional integration and foreign policy tool

In his 29 March 2015 speech at the Boao Forum for Asia (BFA) annual conference, Chinese leader Xi Jinping said:

[T]he Chinese economy is deeply integrated with the global economy and forms an important driving force of the economy of Asia and even the world at large. […] China's investment opportunities are expanding. Investment opportunities in infrastructure connectivity as well as in new technologies, new products, new business patterns, and new business models are constantly springing up. […] China's foreign cooperation opportunities are expanding. We support the multilateral trading system, devote ourselves to the Doha Round negotiations, advocate the Asia-Pacific free trade zone, promote negotiations on regional comprehensive economic partnership, advocate the construction of the Asian Infrastructure Investment Bank (AIIB), boost economic and financial cooperation in an all-round manner, and work as an active promoter of economic globalization and regional integration[16]

Xi insisted also that the Silk Road Fund and the Asian Infrastructure Investment Bank would foster "economic connectivity and a new-type of industrialization [in the Asia Pacific area], and [thus] promote the common development of all countries as well as the peoples' joint enjoyment of development fruits."[16][40]

Legal basis and membership

Articles

Long name: Articles of Agreement of the Asian Infrastructure Investment Bank
Prospective members (regional)   Members (regional)   Prospective members (non-regional)   Members (non-regional)
Signed	29 June 2015
Location	Beijing, China
Effective	25 December 2015
Condition	Ratification by 10 states, comprising 50% of initial subscriptions of capital stock[2]
Signatories	57
Parties	72 (96% of initial subscriptions of capital stock)[41]
Depositary	Government of the People’s Republic of China[2]
Languages	Chinese, English (used in disputes) and French[2]

The Articles of Agreement form the legal basis for the Bank. 57 Prospective Founding Members (PFM) named in annex A of the agreement are eligible to sign and ratify the Articles, thus becoming a member of the Bank. Other states, which are parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members after approval of their accession by the bank.[5]

The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China.[42][43]

Members

The 57 Prospective Founding Members can become Founding Members through:

• Signing the Articles of Agreement in 2015
• Ratifying the Articles of Agreement in 2015 or 2016

All Prospective Founding Members have signed the Articles, 52 of which have ratified them, comprising 92% of the shares of all PFM. The formal actions towards becoming a Founding Member are shown below, as well as the percentage of the votes and of the shares, in the event all prospective founding states become parties, and no other members are accepted.

In March 2017, 13 other states were granted prospective membership: 5 regional (Afghanistan, Armenia, Fiji, Timor Leste and Hong Kong, China) and 8 non-regional: Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela. In May 2017, 7 states were granted prospective membership: 3 regional (Bahrain, Cyprus, Samoa) and 4 non-regional (Bolivia, Chile, Greece, Romania). In June 2017, 3 other states were granted prospective membership: 1 regional (Tonga) and 2 non-regional (Argentina, Madagascar).[44] In 2018, 7 other states were granted prospective membership: 1 regional (Lebanon) and 6 non-regional (Algeria, Ghana, Libya, Morocco, Serbia, Togo).[45][46] In 2019, 7 other states were granted prospective membership: 7 non-regional (Djibouti, Rwanda, Benin, Côte d'Ivoire, Guinea, Tunisia, Uruguay).[47] They become members after finishing their domestic procedures. As of 16 May 2020, the total number of countries approved for membership of AIIB is 103 (Regional Members: 46, Non-Regional Members: 39, Prospective Members: 18).[48] Countries holding at least 1.0% of the total subscriptions and voting powers are in bold.

Members

Country / Region	Prospective Founding Member status	Signature (Articles)[41]	Ratification or Acceptance (Articles)[41]	Total Subscriptions (Amount of Shares in millions USD)[2]	Voting Power (Number of Votes)[2]
Afghanistan			13 October 2017	86.6	2,113
Algeria			27 December 2019	5.0	1,643
Australia	3 April 2015[49]	29 June 2015	10 November 2015	3,691.2	39,105
Austria	11 April 2015[50]	29 June 2015	3 December 2015	500.8	7,201
Azerbaijan	15 April 2015[51]	29 June 2015	24 June 2016	254.1	4,734
Bahrain			24 August 2018	103.6	2,629
Bangladesh[lower-alpha 1]	24 October 2014	29 June 2015	22 March 2016	660.5	8,798
Belarus			17 January 2019	64.1	2,234
Belgium			10 July 2019	284.6	4,439
Benin			27 May 2020	5.0	1,643
Brazil[52]	12 April 2015	29 June 2015	2 November 2020[53]	5.0	2,193
Brunei[lower-alpha 1]	24 October 2014	29 June 2015	12 October 2015	52.4	2,717
Cambodia[lower-alpha 1]	24 October 2014	29 June 2015	17 May 2016	62.3	2,816
Canada			19 March 2018	995.4	11,547
China[lower-alpha 1]	24 October 2014	29 June 2015	26 November 2015	29,780.4	299,997
Cook Islands			1 June 2020	0.5	1,598
Côte d’Ivoire			26 February 2020	5.0	1,643
Cyprus			27 June 2018	20.0	1,793
Denmark	12 April 2015	27 October 2015	14 January 2016	369.5	5,888
Ecuador			1 November 2019	5.0	1,643
Egypt	14 April 2015[54]	29 June 2015	12 August 2016	650.5	8,698
Ethiopia			13 May 2017	45.8	1,959
Fiji			11 December 2017	12.5	1,718
Finland	12 April 2015	29 June 2015	7 January 2016	310.3	5,296
France	2 April 2015[55]	29 June 2015	16 June 2016	3,375.6	35,949
Georgia	12 April 2015	29 June 2015	14 December 2015	53.9	2,732
Germany	1 April 2015[56]	29 June 2015	21 December 2015	4,484.2	47,035
Ghana			21 February 2020	5.0	1,643
Greece			20 August 2019	10.0	1,693
Guinea			12 July 2019	5.0	1,643
Hong Kong			7 June 2017	765.1	9,244
Hungary			16 June 2017	100.0	2,593
Iceland	15 April 2015[51]	29 June 2015	4 March 2016	17.6	2,369
India[lower-alpha 1]	24 October 2014	29 June 2015	11 January 2016	8,367.3	85,866
Indonesia[lower-alpha 1]	25 November 2014[24]	29 June 2015	14 January 2016	3,360.7	35,800
Iran	7 April 2015[57]	29 June 2015	6 January 2017	1,580.8	11,678
Ireland			23 October 2017	131.3	2,906
Israel	15 April 2015[51]	29 June 2015	15 January 2016	749.9	9,692
Italy	2 April 2015[55]	29 June 2015	13 July 2016	2,571.8	27,911
Jordan	7 February 2015	29 June 2015	25 December 2015	119.2	3,385
Kazakhstan[lower-alpha 1]	24 October 2014	29 June 2015	18 April 2016	729.3	9,486
South Korea	11 April 2015[50]	29 June 2015	11 December 2015	3,738.7	39,580
Kyrgyzstan	9 April 2015[58]	29 June 2015	11 April 2016	26.8	2,407
Laos[lower-alpha 1]	24 October 2014	29 June 2015	15 January 2016	43.0	2,580
Liberia			4 January 2021	5.0	1,643
Luxembourg	27 March 2015[59]	29 June 2015	9 December 2015	69.7	2,890
Madagascar			27 June 2018	5.0	1,643
Malaysia	24 October 2014	21 August 2015[60]	27 March 2017	109.5	3,288
Maldives	31 December 2014[61]	29 June 2015	4 January 2016	7.2	2,265
Malta	9 April 2015[58]	29 June 2015	7 January 2016	13.6	2,329
Mongolia[lower-alpha 1]	24 October 2014	29 June 2015	27 November 2015	41.1	2,604
Myanmar[lower-alpha 1]	24 October 2014	29 June 2015	1 July 2015	264.5	4,838
Nepal[lower-alpha 1]	24 October 2014	29 June 2015	13 January 2016	80.9	3,002
Netherlands	12 April 2015	29 June 2015	16 December 2015	1,031.3	12,506
New Zealand	5 January 2015[62]	29 June 2015	9 December 2015[63]	461.5	6,808
Norway	14 April 2015[54]	29 June 2015	22 December 2015	550.6	7,699
Oman[lower-alpha 1]	24 October 2014	29 June 2015	21 June 2016	259.2	4,785
Pakistan[lower-alpha 1]	24 October 2014	29 June 2015	22 December 2015	1,034.1	12,180
Philippines	24 October 2014	31 December 2015	6 December 2016	979.1	11,984
Poland	15 April 2015[51]	9 October 2015	20 April 2016[64]	831.8	10,511
Portugal	15 April 2015[51]	29 June 2015	8 February 2017	65.0	2,843
Qatar[lower-alpha 1]	24 October 2014	29 June 2015	24 June 2016	604.4	8,237
Romania			28 December 2018	153.0	3,123
Russia	14 April 2015	29 June 2015	28 December 2015	6,536.2	67,555
Rwanda			16 April 2020	5.0	1,643
Samoa[lower-alpha 1]			6 March 2018	2.1	1,614
Saudi Arabia	13 January 2015[65]	29 June 2015	19 February 2016	2,544.6	27,639
Serbia			15 August 2018	5.0	1,643
Singapore[lower-alpha 1]	24 October 2014[66]	29 June 2015	10 September 2015	250.0	4,693
Spain	11 April 2015[50]	29 June 2015	19 December 2017	1,761.5	19,808
Sri Lanka[lower-alpha 1]	24 October 2014	29 June 2015	22 June 2016	269.0	4,883
Sudan			13 September 2018	59.0	1,951
Sweden	15 April 2015[51]	29 June 2015	23 June 2016	630.0	8,493
Switzerland	28 March 2015[67]	29 June 2015	25 April 2016	706.4	9,257
Tajikistan	13 January 2015[65]	29 June 2015	16 January 2016	30.9	2,471
Thailand	24 October 2014[66]	1 October 2015	20 June 2016	1,427.5	16,468
Timor-Leste			22 November 2017	16.0	1,753
Tonga[lower-alpha 1]			5 January 2021	1.2	1,605
Turkey	10 April 2015[68]	29 June 2015	15 January 2016	2,609.9	28,292
United Arab Emirates	5 April 2015[69]	29 June 2015	15 January 2016	1,185.7	14,050
United Kingdom	28 March 2015[67]	29 June 2015	3 December 2015	3,054.7	32,740
Uruguay			28 April 2020	5.0	1,643
Uzbekistan[lower-alpha 1]	24 October 2014	29 June 2015	30 November 2016	219.8	4,391
Vanuatu[lower-alpha 1]			6 March 2018	0.5	1,598
Vietnam[lower-alpha 1]	24 October 2014	29 June 2015	11 April 2016	663.3	8,826
Unallocated Shares				3,244.9
Grand Total	85 46 Regional 39 non-Regional			100,000.0	1,128,431

Prospective Members

Country / Region	Prospective Founding Member status	Signature (Articles)[41]	Ratification or Acceptance (Articles)[41]	Total Subscriptions (Amount of Shares in millions USD)[2]	Voting Power (Number of Votes)[2]
Argentina				5.0	1,700
Armenia
Bolivia				26.1	1,911
Chile				10.0	1,750
Croatia
Djibouti
Kenya
Kuwait	24 October 2014	4 December 2015		536.0
Lebanon
Libya
Morocco
Papua New Guinea
Peru				154.6	3,196
Senegal
South Africa	15 April 2015[51]	3 December 2015		590.5
Togo
Tunisia
Venezuela				209.0	3,740

  Regional members

Dependent territories

The Articles of Agreement provide for non-sovereign entities to become members of the bank. In addition to the requirements for sovereign states, the membership of dependent territories must be supported by the state responsible for its external relations.

Non-members

The Czech Republic,[70] Nigeria, Iraq,[71] Colombia,[72] Ukraine are considering joining the AIIB as members. Mexico, Japan and the United States have no immediate intention to participate. Taiwan's request to become a Prospective Founding Member was rejected by China as it does not consider the former to be a sovereign state.[73]

 Taiwan

• Taiwan applied for PFM to join the AIIB via Taiwan Affairs Office on 31 March, possibly under the name "Chinese Taipei",[74][75] but was rejected by the Multilateral Interim Secretariat of the AIIB on 13 April, without any reason stated. However, China claims that there is the possibility for Taiwan to obtain membership at a later date.[73] China's Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid creating a "two Chinas" or "one China, one Taiwan" situation.[76] ROC Finance Minister Chang Sheng-ford announced in April 2016 that Taiwan was not being treated with "dignity" or "respect" during the registration process and Taiwan eventually chose to leave the decision to join to the new president.[77]

United States – No commitment

• The United States' officials have expressed concerns about whether the AIIB would have high standards of governance, and whether it would have environmental and social safeguards.[78] The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,[79] and expressed disappointment when others, such as Britain, joined.[66][78] The US' opposition to the AIIB, as well as its attempt to dissuade allies from joining was seen as a manifestation of a multifaceted containment strategy. The failure of that approach in this case was widely acknowledged as a strategic blunder.[80]

Japan – "Under Consideration" / No commitment

• Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.[81] Japanese Finance Minister Tarō Asō previously indicated interest in joining the AIIB, but later switched his stance. Yoshihide Suga, Japan's Cabinet Secretary, told the public that Japan was still seeking China's full explanation of the AIIB as he stated, "As of today, Japan will not join AIIB and a clear explanation has not been received from China" and "Japan is dubious about whether (the AIIB) would be properly governed or whether it would damage other creditors". He also stated that Japan is no longer considering whether or not to join the bank. The Japanese Government Spokesman also announced that Japan would not join the AIIB. Japanese prime minister Shinzō Abe also added that Japan does not need to join the bank.[82] But two years later, in May 2017, Shinzō Abe said join the AIIB, created in part to fund the initiative, could be an option if governance questions were resolved.[83] Toshihiro Nikai, secretary-general of the ruling party Liberal Democratic Party, suggested join the AIIB.[84]

Shareholding structure

The Authorized Capital Stock of the bank is 100 billion US Dollars, divided into 1 million shares of 100 000 dollars each. Twenty percent are paid-in shares (and thus have to be transferred to the bank), and 80% are callable shares.[2] The allocated shares are based on the size of each member country's economy (calculated using GDP Nominal (60%) and GDP PPP (40%)), whether they are an Asian or Non-Asian Member, and the number of shares determines the fraction of authorized capital in the bank.[5][85][86][87] Of the prospective founding members, three states decided not to subscribe to all allocated shares: Malaysia, Portugal and Singapore,[88] resulting in 98% of available shares to be subscribed.[2]

Three categories of votes exist: basic votes, share votes and Founding Member votes. The basic votes are equal for all members and constitute 12% of the total votes, while the share votes are equal to the number of shares. Each Founding Member furthermore gets 600 votes. An overview of the shares, assuming when all 57 Prospective Founding Members have become Founding Members is shown below (values in bold do not depend on the number of members):[89]

Vote Type	% of Total Votes	Total Votes	Vote per Member	China (Largest PFM)	Maldives (Smallest PFM)
Basic votes	12	138,510	2,430	2,430	2,430
Share votes	85	981,514	Varies	297,804	72
Founding Member votes	3	34,200	600	600	600
Total	100	1,154,224	varies	300,834 (26.1%)	3,102 (0.3%)

Governance

Name plaque of AIIB at its global headquarters in Beijing

The bank's governance structure is composed of the Board of Governors[90] as the top-level and highest decision-making body.[91] It is composed of 1 governor for each member state of the bank and in principle meets once a year.[91] The board of directors, composed of 12 governors, each representing one or more member is responsible for daily operations and tasks delegated to it by the board of governors. Nine of those members are from within the Asia-Pacific region and three representing members outside the region.[91]

Of the non-regional directors, 1 constituency is made up of EU member states having the Euro as their currency, and 1 from other European countries.[92]

New members are considered for admission only once a year. An overview of the constituencies is shown below:[93]

Country of Director	Countries of Alternates	Other Constituencies
Saudi Arabia	United Arab Emirates  Qatar	Bahrain  Jordan  Oman
Pakistan	Georgia	Azerbaijan  Brunei  Kyrgyzstan  Turkey
Bangladesh	Thailand  Philippines	Malaysia  Maldives    Nepal
Russia	Kazakhstan  Iran	Belarus  Tajikistan
China		Hong Kong
Canada	Egypt  Ethiopia	Algeria  Benin  Côte d'Ivoire  Ghana  Guinea  Liberia  Madagascar  Rwanda  Uruguay
Vietnam	Australia	Cook Islands  New Zealand  Singapore
Poland	Denmark  United Kingdom	Hungary  Iceland  Norway  Romania  Sweden   Switzerland
France	Luxembourg  Germany	Austria  Belgium  Cyprus  Finland  Greece  Ireland  Italy  Malta  Netherlands  Portugal  Spain
India		Afghanistan
Indonesia	Sri Lanka  Cambodia	Laos  Myanmar  Timor-Leste
South Korea	Israel	Fiji  Mongolia  Samoa  Uzbekistan  Vanuatu
Unallocated:  Brazil  Ecuador  Serbia  Sudan  Tonga

Senior Management of AIIB
Country		Name	Position in AIIB
	China	Jin Liqun	President
	United Kingdom	Danny Alexander	Vice President and Corporate Secretary
	Russia	Konstantin Limitovskiy	Vice President, Investment Operations (Region 2)
	India	D. J. Pandian	Vice President, Investment Operations (Region 1)
	Germany	Joachim von Amsberg	Vice President - Policy and Strategy
	Indonesia	Luky Eko Wuryanto	Vice President and Chief Administration Officer
	New Zealand	Gerard Sanders	General Counsel
	Germany	Martin Kimmig	Chief Risk Officer
	New Zealand	Andrew Cross	Chief Financial Officer

Reception

The former President of the World Bank, Jim Yong Kim, has said that the need for infrastructure in developing countries is great so that the activities of new organizations would be welcome.[94]

Geopolitical implication in Asia-Pacific and beyond

There is no consensus in the United States about the role of the AIIB. G. John Ikenberry (Princeton University) sees the AIIB as part of "China's emerging institutional statecraft,"[95] but argues that it is not clear whether the institution will tie China more deeply into the existing order or become a vehicle to challenge the order. Phillip Lipscy (Stanford University) argues that the United States and Japan should support the AIIB to encourage China's peaceful global leadership and discourage China from pursuing coercive or military options.[96] On the other hand, Paola Subacchi (Chatham House) argues that the AIIB represents a threat to US-dominated global governance.[97]

Think-tanks such as Chatham House, the China Studies Centre at the University of Sydney and the World Pensions Council (WPC) have argued that the successful establishment of a new supranational financial powerhouse headquartered in PRC would be facilitated by the large number of participating developed economies.[98][99] These experts observe that the establishment of the Beijing-based AIIB does not necessitate rivalry, when economic cooperation is possible,[98] and that the decision by the UK to participate advances its own interests even if some of its allies are opposed.[99]

Environmental record

As the bank is still in its early years, it has no environmental record. Several organisations have however expressed their concerns over environmental policy of the proposed bank because of the high stake of China in the bank's business. Although the proposed bank declared "AIIB will learn from the best practice in the world and adopt international standards of environmental protection," Oxford scholar of economics and energy policy Yuge Ma has argued that this may be complicated in developing Asian countries.[100]

Comparison with ADB and IBRD

($ million)

		AIIB		ADB[101]	IBRD[102]
Established		2016		1966	1944
Date as of		31 December 2016[103]	31 December 2017[104]	31 December 2017	30 June 2018
Member.[48]	Total	57	84	67	189
	(Regional, Non-regional, Prospective)	34, 16, 7	40, 20, 24	48, 19, 0	–
Credit rating		Unrated	AAA	AAA	AAA
Capital	Subscribed	90,327	95,001	151,169	274,730
	Paid-in	18,065	19,000	7,563	16,456
Total assets		17,795	18,973	182,381	403,056
Lending		1,730	4,220	101,126	183,588

Lending results

2016

During 2016, AIIB committed a total of $1.73 billion to nine projects, among which six projects are joint initiatives with other international lenders such as the World Bank and the Asian Development Bank. It had achieved its loan target of $1.2 billion for the first year.[105][106]

2016 AIIB lending[105][106]

Approval date	Country	Purpose	Amount M$	Co-lenders
24 June 2016	Tajikistan	Road improvement	27.5	European Bank for Reconstruction and Development
24 June 2016	Bangladesh	Power distribution lines	165.0	none
24 June 2016	Pakistan	Motorway construction	100.0	Asian Development Bank and United Kingdom's Department for International Development
24 June 2016	Indonesia	Redevelopment of poor districts	216.5	World Bank
27 September 2016	Pakistan	Hydropower plant	300.0	World Bank
27 September 2016	Myanmar	Combined Cycle Gas Turbine power plant	20.0	International Finance Corporation, the Asian Development Bank and certain commercial lenders
8 December 2016	Oman	Railways	36.0	none
8 December 2016	Oman	Port facilities	265.0	none
21 December 2016	Azerbaijan	Gas pipeline	600.0	A number of other multilateral development banks including the World Bank and other commercial entities
Total			1,730.0

2017

2017 AIIB lending[105][106]

Approval date	Country	Purpose	Amount M$	Co-lenders
22 March 2017	Indonesia	Regional Infrastructure Development Fund Project	100.0	World Bank
22 March 2017	Indonesia	Dam Operational Improvement and Safety Project Phase II	125.0	World Bank
22 March 2017	Bangladesh	Natural Gas Infrastructure and Efficiency Improvement Project	60.0	Asian Development Bank
2 May 2017	India	Andhra Pradesh 24x7 – Power For All	160.0	World bank and Government of Andhra Pradesh
5 June 2017	Georgia	Batumi Bypass Road Project	114.2	Asian Development Bank
15 June 2017	India	India Infrastructure Fund	150.0	Other investors
15 June 2017	Tajikistan	Nurek Hydropower Rehabilitation Project, Phase I	60.0	World Bank and Eurasian Development Bank
4 July 2017	India	Gujarat Rural Roads Project	329.0	Government of Gujarat
4 September 2017	Egypt	Egypt Round II Solar PV Feed-in Tariffs Program	17.5	International Finance Corporation and other lenders
27 September 2017	India	Transmission System Strengthening Project	100.0	Asian Development Bank and Power Grid Corporation of India
27 September 2017	Philippines	Metro Manila Flood Management Project	207.60	World Bank
8 December 2017	India	Bangalore Metro Rail Project – Line R6	335.0	European Investment Bank and other lenders
8 December 2017	Oman	Broadband Infrastructure Project	239.0	none
8 December 2017	China	Beijing Air Quality Improvement and Coal Replacement Project	250.0	Beijing Municipality, China CDM Fund and Beijing Gas
Total

2018

2018 AIIB lending[105][106]

Approval date	Country	Purpose	Amount M$	Co-lenders
9 February 2018	Bangladesh	Bhola IPP	60.0	none
11 April 2018	India	Madhya Pradesh Rural Connectivity Project	140.0	World Bank
24 June 2018	India	National Investment and Infrastructure Fund	100.0	Government of India
24 June 2018	Turkey	Tuz Golu Gas Storage Expansion Project	600.0	World Bank, Islamic Development Bank, BOTAS and commercial loans
24 June 2018	Indonesia	Strategic Irrigation Modernization and Urgent Rehabilitation Project	250.0	World Bank
28 September 2018	India	Andhra Pradesh Rural Roads Project	455.0	Government of Andra Pradesh
28 September 2018	Egypt	Sustainable Rural Sanitation Services Program	300.0	World Bank
28 September 2018	Turkey	TSKB Sustainable Energy and Infrastructure On-lending Facility	200.0	none
7 December 2018	Indonesia	Mandalika Urban and Tourism Infrastructure Project	248.39	Government of Indonesia
7 December 2018	India	Andhra Pradesh Urban Water Supply and Septage Management Improvement Project	400.0	Government of Andhra Pradesh

2019

2019 AIIB lending[105][106]

Approval date	Country	Purpose	Amount M$	Co-lenders
26 March 2019	Bangladesh	Power System Upgrade and Expansion Project	120.0	Government of Bangladesh and Power Grid Corporation of Bangladesh
26 March 2019	Laos	National Road 13 Improvement and Maintenance Project	40.0	Government of Laos, NDF and IDA
4 April 2019	Sri Lanka	Reduction of Landslide Vulnerability by Mitigation Measures Project	80.0	Government of Sri Lanka
4 April 2019	Sri Lanka	Colombo Urban Regeneration Project	200.0	Government of Sri Lanka and private partner
21 May 2019	Nepal	Upper Trisuli I Hydropower Project	90.0	ADB, IFC, Korean Consortium
11 July 2019	Turkey	Efeler 97.6 MW Geothermal project	100.0	EBRD
11 July 2019	Bangladesh	Municipal Water Supply and Sanitation Project	100.0	World Bank, IDA, Government of Bangladesh
11 July 2019	Cambodia	Fiber Optic Communication Network Project	75.0	None
11 July 2019	India	L&T Green Infrastructure On-Lending Facility	100.0	None
26 September 2019	Pakistan	Karachi Water and Sewerage Services Improvement	40.0	World Bank
26 September 2019	India	Tata Cleantech Sustainable Infrastructure On-Lending Facility	75.0	TCCL
11 November 2019	Pakistan	Karachi Bus Rapid Transit	71.81	ADB
12 November 2019	Turkey	TKYB Renewable Energy and Energy Efficiency On-Lending Facility	200.0	None
6 December 2019	India	Rajasthan 250 MW Solar Project–Hero Future Energies	65.0	International Finance Corporation
6 December 2019	India	Rajasthan 250 MW Solar Project–Hero Future Energies	65.0	International Finance Corporation
12 December 2019	China	Beijing-Tianjin-Hebei Low Carbon Energy Transition and Air Quality Improvement Project	500.0	None
12 December 2019	India	West Bengal Major Irrigation and Flood Management Project	145.0	World Bank
12 December 2019	Egypt	National Bank of Egypt On-Lending Facility for Infrastructure	150.0	None
12 December 2019	Kazachstan	Zhanatas 100 MW Wind Power Plant	46.7	Sponsors and other financial institutions
12 December 2019	Russian Federation	Transport Sector Investment Loan	500.0	None
12 December 2019	Uzbekistan	Rural Infrastructure Development Project	82.0	World Bank
12 December 2019	Turkey	Istanbul Seismic Risk Mitigation and Emergency Preparedness Project	300.0	World Bank
12 December 2019	Nepal	Power Distribution System Upgrade and Expansion Project	112.3	Nepal Electricity Authority

2020

2020 AIIB lending[105][106]

Approval date	Country	Purpose	Amount M$	Co-lenders
17 January 2020	Bangladesh	Dhaka and West Zone Transmission Grid Expansion Project	200.0	ADB
11 February 2020	Oman	Ibri II 500MW Solar PV Independent Power Plant Project	60.0	ADB
3 April 2020	Bangladesh	Sylhet to Tamabil Road Upgrade Project	404.0	None
3 April 2020	Uzbekistan	Bukhara Region Water Supply and Sewerage (BRWSSP)	385.1	None
16 April 2020	Bangladesh	Dhaka Sanitation Improvement	170.0	World Bank
7 May 2020	India	COVID-19 Emergency Response and Health Systems Preparedness Project	500.0	World Bank
7 May 2020	Indonesia	COVID-19 Active Response and Expenditure Support Program	750.0	ADB
7 May 2020	Bangladesh	COVID-19 Active Response and Expenditure Support Program	250.0	ADB
7 May 2020	Georgia	Emergency COVID-19 Response Project	100.0	World Bank
28 May 2020	Philippines	COVID-19 Active Response and Expenditure Support (CARES) Program	750.0	ADB
16 June 2020	Mongolia	COVID-19 Rapid Response Program	100.0	ADB
16 June 2020	India	COVID-19 Active Response and Expenditure Support (CARES)	750.0	ADB
16 June 2020	Pakistan	COVID-19 Active Response and Expenditure Support (CARES) Program	500.0	ADB
22 June 2020	Uzbekistan	Bukhara Road Network Improvement Project (Phase 1)	165.5	None
22 June 2020	Indonesia	Emergency Response to COVID-19 Program	250.0	World Bank
30 June 2020	Maldives	COVID-19 Emergency Response and Health Systems Preparedness Project	7.30	World Bank
30 June 2020	Kazakhstan	COVID-19 Active Response and Expenditure Support (CARES) Program	750.0	ADB
30 June 2020	Turkey	COVID-19 Credit Line Project	500.0	None
16 July 2020	Pakistan	Resilient Institutions for Sustainable Economy (RISE) Program	250.0	World Bank
16 July 2020	Turkey	Izmir Metro Expansion Phase 4: Fahrettin Altay – Narlidere Line Project	56.0	EBRD, BSTDB
16 July 2020	Georgia	COVID-19 Crisis Mitigation	50.0	World Bank
16 July 2020	Vietnam	COVID-19 Response Facility	100.0	IFC
13 August 2020	Fiji	Sustained Private Sector-Led Growth Reform Program	50.0	ADB
13 August 2020	Kyrgyz Republic	Kyrgyz Emergency Support for Private and Financial Sector Project	50.0	World Bank
13 August 2020	Uzbekistan	Healthcare Emergency Response Project	100.0	ADB
27 August 2020	Turkey	COVID-19 Medical Emergency Response (MER) Project	82.6	EBRD
27 August 2020	Bangladesh	COVID-19 Emergency Response and Pandemic Preparedness Project	100.0	World Bank
10 September 2020	Maldives	Greater Malé Waste-to-Energy Project	40.0	ADB
24 September 2020	India	HDFC Line of Credit for Affordable Housing	200.0	None
24 September 2020	Indonesia	Multifunctional Satellite PPP Project	150.0	None
15 October 2020	Laos	Climate Resilience Improvement of National Road 13 South Project (Section 3)	30.0	None
15 October 2020	China	Legend Capital Healthcare Technology Fund	30.0	None
15 October 2020	Russian Federation	Russian Railways COVID-19 Emergency Response Project	300.0	None
16 October 2020	Bangladesh	Rural Water, Sanitation and Hygiene for Human Capital Development Project	200.0	World Bank
29 October 2020	India	Delhi-Meerut Regional Rapid Transit System (RRTS)	500.0	ADB
25 November 2020	Uzbekistan	National Bank for Foreign Economic Activity of the Republic of Uzbekistan COVID-19 Credit Line Project	200.0	None
25 November 2020	Turkey	Akbank COVID-19 Crisis Recovery Facility	100.0	None
25 November 2020	Ecuador	Corporación Financiera Nacional COVID-19 Credit Line Project	50.0	WB

See also

• New Development Bank (BRICS)/NDB BRICS
• Asian Development Bank
• African Development Bank
• Caribbean Development Bank
• CAF - Development Bank of Latin America
• European Investment Bank
• Islamic Development Bank

Notes

1. Signatories of the Memorandum of Understanding

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External links

• Official website
• Articles of Agreement of the Bank, and Report on the Articles