Asian Infrastructure Investment Bank

Asian Infrastructure Investment Bank (AIIB)
Formation January 16, 2016 (2016-01-16) (Open for business)
December 25, 2015 (2015-12-25) (Entry into force Articles of Agreement)
Type Regional Investment Bank
Legal status Treaty
Purpose Crediting
Headquarters Beijing, China
Region served
Asia and Oceania
Membership
68 Members
Official language
English[1]
Key people
 Jin Liqun[2] (President)
D. J. Pandian, IAS[3][4][5][6] (Vice President and Chief Investment Officer)
Danny Alexander (Vice President and Corporate Secretary)
Thierry de Longuemar (Vice President and Chief Financial Officer)
Joachim von Amsberg (Vice President - Policy and Strategy)
Luky Eko Wuryanto (Vice President and Chief Administration Officer)
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
Alternative Chinese name
Simplified Chinese 亚投行
Traditional Chinese 亞投行

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 86 member states 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.[7]

The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development"[8] and to improve the global economic governance.[9] The starting capital of the bank was $100 billion, equivalent to ​2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.[10]

The bank was proposed by China in 2013[11] and the initiative was launched at a ceremony in Beijing in October 2014.[12] 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.[13][14]

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.[15]

The initiative was officially launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013.[16] 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 dominated by American, European and Japanese interests.[17]

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.[18][19]

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.[17][20] 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.[21] 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.[22]

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.[23][24] 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.[25] 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.[26]

The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.[27] However, both Australia and South Korea applied to join the bank in March 2015.[28][29][30]

Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.[31] 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 first major Western country to do so.[32] 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."[33] 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."[34]

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.[35]

Several other European states – including Germany, France and Italy – followed the UK's decision to join the AIIB in March.[36] 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."[37] 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.[38] 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[39] 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%.

AIIB within PRC policy thinking

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 massive, 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 Neoclassical economists and pursued by many developing countries in the 1990s and the first decade of the 21st century with generally disappointing results.[40][41]

Infrastructure as regional integration and foreign policy tool

In his 29 March 2015 speech at the Boao Forum for Asia (BFA) annual conference, President 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[18]

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."[18][42]

Articles
Articles of Agreement of the Asian Infrastructure Investment Bank
{{{image_alt}}}
  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[1]
Signatories 57
Parties 52 (92% of initial subscriptions of capital stock)[43]
Depositary Government of the People’s Republic of China[1]
Languages Chinese, English (used in disputes) and French[1]

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.[7]

The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China.[44][45]

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). They become members after finishing their domestic procedures. As of 30 June 2018, total approved membership of AIIB is 87 (Regional Members: 44, Non-Regional Members: 24, Prospective Members: 19).[46][47]

Country / Region Prospective Founding
Member status		 Signature
(Articles)[43]		 Ratification or Acceptance
(Articles)[43]		 Total Subscriptions
(Amount of Shares in
millions USD)[1]		 Voting Power
(Number of Votes)[1]
 Afghanistan13 October 201786.62,907
 Argentina5.01,700
 Australia3 April 2015[48]29 June 201510 November 20153,691.239,553
 Austria11 April 2015[49]29 June 20153 December 2015500.88,056
 Azerbaijan15 April 2015[50]29 June 201524 June 2016254.15,589
 Bahrain27 August 2018103.63,030
 Bangladesh[lower-alpha 1]24 October 201429 June 201522 March 2016660.59,547
 Bolivia26.11,911
 Brazil12 April 2015[51]29 June 20155.0[52]2,300
 Brunei[lower-alpha 1]24 October 201429 June 201512 October 201552.43,572
 Cambodia[lower-alpha 1]24 October 201429 June 201517 May 2016 62.33,671
 Canada19 March 2018995.411,995
 Chile10.01,750
 China[lower-alpha 1]24 October 201429 June 201526 November 201529,780.4300,398
 Cyprus27 June 201820.02,251
 Denmark12 April 2015[51]27 October 201514 January 2016369.56,346
 Ecuador5.01,700
 Egypt14 April 2015[53]29 June 201512 August 2016650.59,447
 Ethiopia13 May 201745.82,509
 Fiji11 December 201712.52,176
 Finland12 April 2015[51]29 June 20157 January 2016310.36,151
 France2 April 2015[54]29 June 201516 June 20163,375.636,397
 Georgia12 April 2015[51]29 June 201514 December 201553.93,587
 Germany1 April 2015[55]29 June 201521 December 20154,484.247,483
 Hong Kong7 June 2017765.19,702
 Hungary16 June 2017100.03,342
 Iceland15 April 2015[50]29 June 20154 March 201617.63,224
 India[lower-alpha 1]24 October 201429 June 201511 January 20168,367.386,267
 Indonesia[lower-alpha 1]25 November 2014[26]29 June 201514 January 20163,360.736,248
 Iran7 April 2015[56]29 June 20156 January 20171,580.818,449
 Ireland23 October 2017131.33,579
 Israel15 April 2015[50]29 June 201515 January 2016749.910,150
 Italy2 April 2015[54]29 June 201513 July 20162,571.828,359
 Jordan7 February 201529 June 201525 December 2015119.24,240
 Kazakhstan[lower-alpha 1]24 October 201429 June 201518 April 2016729.39,944
 South Korea11 April 2015[49]29 June 201511 December 20153,738.740,028
 Kuwait24 October 20144 December 2015536.0
 Kyrgyzstan9 April 2015[57]29 June 201511 April 201626.83,210
 Laos[lower-alpha 1]24 October 201429 June 201515 January 201643.03,478
 Luxembourg27 March 2015[58]29 June 20159 December 201569.73,745
 Madagascar27 June 20185.02,101
 Malaysia24 October 201421 August 2015[59]27 March 2017109.54,102
 Maldives31 December 2014[60]29 June 20154 January 20167.23,120
 Malta9 April 2015[57]29 June 20157 January 201613.63,184
 Mongolia[lower-alpha 1]24 October 201429 June 201527 November 201541.13,353
 Myanmar[lower-alpha 1]24 October 201429 June 20151 July 2015264.55,693
   Nepal[lower-alpha 1]24 October 201429 June 201513 January 201680.93,857
 Netherlands12 April 2015[51]29 June 201516 December 20151,031.312,954
 New Zealand5 January 2015[61]29 June 20159 December 2015[62]461.57,663
 Norway14 April 2015[53]29 June 201522 December 2015550.68,554
 Oman[lower-alpha 1]24 October 201429 June 201521 June 2016259.25,640
 Pakistan[lower-alpha 1]24 October 201429 June 201522 December 20151,034.112,982
 Peru154.63,196
 Philippines24 October 201431 December 20156 December 2016979.112,432
 Poland15 April 2015[50]9 October 201520 April 2016 [63]831.810,969
 Portugal15 April 2015[50]29 June 20158 February 201765.03,698
 Qatar[lower-alpha 1]24 October 201429 June 201524 June 2016604.49,092
 Russia14 April 2015[64]29 June 201528 December 20156,536.267,956
 Samoa[lower-alpha 1]6 March 20182.12,072
 Saudi Arabia13 January 2015[65]29 June 201519 February 20162,544.628,087
 Singapore[lower-alpha 1]24 October 2014[66]29 June 201510 September 2015250.05,548
 South Africa15 April 2015[50]3 December 2015590.5
 Spain11 April 2015[49]29 June 201519 December 20171,761.520,256
 Sri Lanka[lower-alpha 1]24 October 201429 June 201522 June 2016269.05,738
 Sudan18 September 201859.02,584
 Sweden15 April 2015[50]29 June 201523 June 2016630.09,242
  Switzerland28 March 2015[67]29 June 201525 April 2016706.49,715
 Tajikistan13 January 2015[65]29 June 201516 January 201630.93,251
 Thailand24 October 2014[66]1 October 201520 June 20161,427.516,916
 Timor-Leste22 November 201716.02,211
 Turkey10 April 2015[68]29 June 201515 January 20162,609.928,740
 United Arab Emirates5 April 2015[69]29 June 201515 January 20161,185.714,498
 United Kingdom28 March 2015[67]29 June 20153 December 20153,054.733,188
 Uzbekistan[lower-alpha 1]24 October 201429 June 201530 November 2016219.85,246
 Vanuatu[lower-alpha 1]6 March 20180.52,056
 Venezuela209.03,740
 Vietnam[lower-alpha 1]24 October 201429 June 201511 April 2016663.39,575
Unallocated Shares1,844.7
Grand Total77
44 Regional
33 non-Regional		77
100.00% of shares		77
100.00% of shares		100,0001,144,894
  Regional members

Non-members

The Czech Republic,[70] Libya, Nigeria, Algeria, 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]

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.

  •  Chinese Taipei (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]

UN member states

United States 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 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.[1] 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.[7][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.[1]

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 VotesTotal VotesVote per MemberChina
(Largest PFM)		Maldives
(Smallest PFM)
Basic votes12138,5102,4302,4302,430
Share votes85981,514Varies297,80472
Founding Member votes334,200600600600
Total1001,154,224varies300,834 (26.1%)3,102 (0.3%)

Governance

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 DirectorCountries of AlternatesOther Constituencies
 Saudi Arabia United Arab Emirates
 Qatar		 Bahrain
 Jordan
 Oman
 Turkey Pakistan
 Azerbaijan		 Brunei
 Georgia
 Kyrgyzstan
 Austria Germany
 France		 Cyprus
 Finland
 Ireland
 Italy
 Luxembourg
 Malta
 Netherlands
 Portugal
 Spain
 Russia Kazakhstan Iran
 Tajikistan
 China Hong Kong
 South Korea Israel Fiji
 Samoa
 Uzbekistan
 India
 Australia New Zealand Singapore
 Vietnam
 United Kingdom Norway
 Sweden		 Denmark
 Hungary
 Iceland
 Poland
  Switzerland
 Canada Egypt Madagascar
 Ethiopia
 Indonesia Myanmar
 Cambodia		 Afghanistan
 Laos
 Sri Lanka
 Philippines Bangladesh
 Thailand		 Malaysia
 Maldives
   Nepal
Unallocated:
 Mongolia
 Sudan
 Timor-Leste
 Vanuatu
Senior Management of AIIB
Country Name Position in AIIB
China China Jin Liqun President
United Kingdom United Kingdom Danny Alexander Vice President and Corporate Secretary
France France Thierry de Longuemar Vice President and Chief Financial Officer
India India D. J. Pandian Vice President and Chief Investment Officer
Germany Germany Joachim von Amsberg Vice President - Policy and Strategy
Indonesia Indonesia Luky Eko Wuryanto Vice President and Chief Administration Officer
New Zealand New Zealand Gerard Sanders General Counsel
Germany Germany Martin Kimmig Chief Risk Officer

Reception

The 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 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 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[101]ADB[102]IBRD[103]
Date as of31 Dec 20161 Jan 201730 Jun 2016
Established201619661944
MemberTotal50 (57)[lower-alpha 2]68189
(Regional)34 (38)[lower-alpha 2]48-
Credit ratingUnrated
(AAA)[lower-alpha 3]		AAAAAA
CapitalSubscribed90,327142,699263,329
Paid-in6,7757,15415,805
Paid-in receivable11,00700
Total assets17,795153,666376,194
Lending1,73094,624172,577

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 has achieved its loan target of $1.2 billion for the first year.[106][107]

2016 AIIB lending[106][107]
Approval dateCountryPurposeAmount M$Co-lenders
24 Jun 2016TajikistanRoad Improvement27.5European Bank for Reconstruction and Development
24 Jun 2016BangladeshPower distribution lines165.0none
24 Jun 2016PakistanMotorway construction100.0Asian Development Bank and United Kingdom's Department for International Development
24 Jun 2016IndonesiaRedevelopment of poor districts216.5World Bank
27 Sep 2016PakistanHydropower plant300.0World Bank
27 Sep 2016MyanmarCombined Cycle Gas Turbine power plant20.0International Finance Corporation, the Asian Development Bank and certain commercial lenders
8 Dec 2016OmanRailways36.0none
8 Dec 2016OmanPort facilities265.0none
21 Dec 2016AzerbaijanGas pipeline600.0A number of other multilateral development banks including the World Bank and other commercial entities
Total1,730.0

See also

Notes

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Signatories of the Memorandum of Understanding
  2. 1 2 As of 13 October 2017[47]
  3. ↑ On 29 June 2017, Moody's Investors Service assigned first-time AAA rating to AIIB, followed by Standard & Poor's and Fitch Ratings.[104][105]

References

  1. 1 2 3 4 5 6 7 8 "Articles of Agreement – AIIB" (PDF). Asian Infrastructure Investment Bank. Archived from the original (PDF) on 2015-12-27. Retrieved 2015-07-21.
  2. ↑ "Jin Liqun Selected President-designate of the Asian Infrastructure Investment Bank". Multilateral Interim Secretariat of AIIB. 24 August 2015.
  3. ↑ "India's nominee, Dr.D.J. Pandian appointed as the Vice-President, Chief Investment Officer of Asian Infrastructure Investment Bank (AIIB)". Press Information Bureau of India. 10 February 2016. Retrieved 13 January 2018.
  4. ↑ Aneja, Atul (6 February 2016). "Former bureaucrat Pandian named AIIB CIO". The Hindu. Retrieved 13 January 2017.
  5. ↑ "AIIB appoints DJ Pandian as CIO". Business Line. New Delhi: The Hindu. 10 February 2016. Retrieved 13 January 2018.
  6. ↑ "Pandian appointed AIIB Vice-President". Business Standard. New Delhi. 3 February 2016. Retrieved 13 January 2018.
  7. 1 2 3 "Asian Infrastructure Investment Bank – Articles of Agreement" (PDF). Asian Infrastructure Investment Bank. Retrieved 21 July 2015.
  8. ↑ "World Economic Situation and Prospects 2015" (PDF). United Nations. Retrieved 21 July 2015.
  9. ↑ United Nations Financing for Development Office. "Global Economic Governance". Retrieved 29 March 2015.
  10. ↑ "The Economist explains". The Economist. 11 November 2014.
  11. ↑ "China says new bank to complement existing institutions". The Washington Post. 21 March 2015.
  12. ↑ "Three major nations absent as China launches World Bank rival in Asia". Reuters. 5 November 2014.
  13. ↑ "AIIB looks to attract private financing for projects". GBTIMES.
  14. ↑ Dahir, Abdi Latif. "The growing membership of a China-led development bank challenges the IMF-World Bank orthodoxy". Quartz.
  15. ↑ "The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road". China Economic Journal. 4 April 2016. Retrieved 18 June 2016.
  16. ↑ "An Asian infrastructure bank: Only connect". The Economist. 4 October 2013. Retrieved 2 April 2015.
  17. 1 2 Brant, Philippa (25 September 2014). "Why Australia should join the Asian Infrastructure Investment Bank". The Interpreter. Lowy Institute for International Policy. Retrieved 27 October 2014.
  18. 1 2 3 Firzli, M. Nicolas J. (2015). "China's AIIB, America's Pivot to Asia & the Geopolitics of Infrastructure Investments". Revue Analyse Financière. Paris. Retrieved 1 October 2015.
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