Asian Infrastructure Investment Bank
AbbreviationAIIB
Formation16 January 2016 (2016-01-16)
TypeInternational financial institution
Legal statusTreaty
PurposeCrediting
HeadquartersBeijing, China
Region served
Worldwide, with a focus on Asia, Africa and Oceania
Membership
109 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 109 members, including 15 prospective members from around the world.[1] The breakdown of the 109 members by continents are as follows: 42 in Asia, 26 in Europe, 22 in Africa, 9 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]

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.[14]

The initiative was officially launched by Chinese leader Xi Jinping on a state visit to Indonesia in October 2013.[15] 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.[16]

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.[17][18]

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.[16][19] 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.[20] 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.[21]

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.[22][23] 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.[24] 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.[25]

The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.[26] However, both Australia and South Korea applied to join the bank in March 2015.[27][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 third Western country to do so after Luxembourg and New Zealand.[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]

After the UK's decision to join the AIIB, a surge of new applications followed, including several other European states – including Germany, France and Italy – with a total number reaching 53 by the end of March.[36][37] 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."[38] 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.[39] 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[40] 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 Chinese leader 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.[41][42]

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.[17]

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."[17][43]

Academic Suisheng Zhao writes that China's launching of the AIIB was intended by China to reduce tensions caused by the United States' efforts to delay reform of the Bretton Woods system, intended to provide international public goods, and intended to provide China with increased participation in international rule-making.[44]

Articles of Agreement of the Asian Infrastructure Investment Bank
  Prospective members (regional)
  Members (regional)
  Prospective members (non-regional)
  Members (non-regional)
Signed29 June 2015
LocationBeijing, China
Effective25 December 2015
ConditionRatification by 10 states, comprising 50% of initial subscriptions of capital stock[2]
Signatories57
Parties72 (96% of initial subscriptions of capital stock)[45]
DepositaryGovernment of the People’s Republic of China[2]
LanguagesChinese, 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.[6]

The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China.[46][47]

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).[48] In 2018, 7 other states were granted prospective membership: 1 regional (Lebanon) and 6 non-regional (Algeria, Ghana, Libya, Morocco, Serbia, Togo).[49][50] In 2019, 9 other states were granted prospective membership: 9 non-regional (Djibouti, Rwanda, Benin, Côte d'Ivoire, Guinea, Tunisia, Uruguay, Croatia, Senegal).[51] In 2020, Liberia were granted prospective membership. In 2021, 2 states were granted prospective membership:1 regional (Iraq) and 1 non-regional (Nigeria). In 2023, 4 states were granted prospective membership:4 non-regional (Mauritania, El Salvador, Solomon Islands, Tanzania).[4] They become members after finishing their domestic procedures. As of 20 December 2023, the total number of countries approved for membership of AIIB is 109 (Regional Members: 47, Non-Regional Members: 47, Prospective Members: 15).[52] Countries holding at least 2.0% of either the total subscriptions or voting powers are in bold.

Members

Country / Region Total Subscriptions
(Amount of Shares in
millions USD)		 Voting Power
(Number of Votes)
 Afghanistan86.61,961
 Algeria5.01,491
 Argentina5.01,491
 Australia3,691.238,953
 Austria500.87,049
 Azerbaijan254.14,582
 Bahrain103.62,477
 Bangladesh[lower-alpha 1]660.57,985
 Belarus64.12,082
 Belgium284.64,287
 Benin5.01,491
 Brazil[53]5.02,091
 Brunei[lower-alpha 1]52.42,565
 Cambodia[lower-alpha 1]62.32,664
 Canada995.49,404
 Chile10.01,541
 China[lower-alpha 1]29,780.4299,845
 Cook Islands0.51,446
 Côte d’Ivoire5.01,491
 Croatia5.01,491
 Cyprus20.01,641
 Denmark369.55,736
 Ecuador5.01,491
 Egypt650.58,546
 Ethiopia45.81,807
 Fiji12.51,566
 Finland310.35,144
 France3,375.635,797
 Georgia53.92,580
 Germany4,484.246,883
 Ghana5.01,471
 Greece10.01,541
 Guinea5.01,461
 Hong Kong765.19,092
 Hungary100.02,441
 Iceland17.62,217
 India[lower-alpha 1]8,367.385,714
 Indonesia[lower-alpha 1]3,360.735,648
 Iran1,580.811,526
 Iraq25.01,691
 Ireland131.32,754
 Israel749.99,540
 Italy2,571.827,759
 Jordan119.23,233
 Kazakhstan[lower-alpha 1]729.39,334
 South Korea3,738.739,428
 Kyrgyzstan26.82,309
 Laos[lower-alpha 1]43.02,471
 Liberia5.01,471
 Libya52.61,967
 Luxembourg69.72,738
 Madagascar5.01,491
 Malaysia109.53,136
 Maldives7.22,113
 Malta13.62,177
 Mongolia[lower-alpha 1]41.12,452
 Morocco5.01,491
 Myanmar[lower-alpha 1]264.53,892
   Nepal[lower-alpha 1]80.92,850
 Netherlands1,031.312,354
 New Zealand461.56,656
 Norway550.67,547
 Oman[lower-alpha 1]259.24,633
 Pakistan[lower-alpha 1]1,034.112,382
 Peru154.62,987
 Philippines979.111,832
 Poland831.810,359
 Portugal65.02,691
 Qatar[lower-alpha 1]604.48,085
 Romania153.02,971
 Russia6,536.267,403
 Rwanda5.01,481
 Samoa[lower-alpha 1]2.11,462
 Saudi Arabia2,544.627,487
 Serbia5.01,491
 Singapore[lower-alpha 1]250.04,541
 South Africa5.02,091
 Spain1,761.519,656
 Sri Lanka[lower-alpha 1]269.04,731
 Sudan59.01,563
 Sweden630.08,341
  Switzerland706.49,105
 Tajikistan30.92,319
 Thailand1,427.516,316
 Timor-Leste16.01,601
 Tonga[lower-alpha 1]1.21,453
 Tunisia5.01,491
 Turkey2,609.928,140
 United Arab Emirates1,185.713,898
 United Kingdom3,054.732,588
 Uruguay5.01,491
 Uzbekistan[lower-alpha 1]219.84,239
 Vanuatu[lower-alpha 1]0.51,446
 Vietnam[lower-alpha 1]663.38,674
Unallocated Shares2,977.7
Grand Total100,000.01,128,491

Prospective Members

Country / Region Prospective Founding
Member status		 Signature
(Articles)[45]		 Ratification or Acceptance
(Articles)[45]		 Total Subscriptions
(Amount of Shares in
millions USD)		 Voting Power
(Number of Votes)
 Armenia
 Bolivia26.11,911
 Djibouti
 El Salvador
 Kenya
 Kuwait24 October 20144 December 2015536.0
 Lebanon
 Mauritania
 Nigeria
 Papua New Guinea
 Senegal
 Solomon Islands
 Tanzania
 Togo
 Venezuela209.03,740
  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,[54] Nigeria, Iraq,[55] Colombia,[56] 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.[57]

 Taiwan

  • Taiwan applied for PFM to join the AIIB via Taiwan Affairs Office on 31 March 2015, possibly under the name "Chinese Taipei",[58][59] but was rejected by the Multilateral Interim Secretariat of the AIIB on 13 April, without any reason stated. However, mainland China claims that there is the possibility for Taiwan to obtain membership at a later date.[57] Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid creating a "two Chinas" or "one China, one Taiwan" situation.[60] 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.[61]

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.[62] The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,[63] and expressed disappointment when others, such as Britain, joined.[64][62] 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.[65]

Japan Japan – "Under Consideration" / No commitment

  • Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.[66] 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.[67] But two years later, in May 2017, Shinzō Abe said joining the AIIB, created in part to fund the initiative, could be an option if governance questions were resolved.[68] Toshihiro Nikai, secretary-general of the ruling party Liberal Democratic Party, suggested joining the AIIB.[69]

Shareholding structure

The Authorized Capital Stock of the bank is $100 billion (US dollars), divided into 1 million shares of $100,000 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%)) and whether they are an Asian or Non-Asian Member. The total number of shares will determine the fraction of authorized capital in the bank.[6][70][71][72] Of the prospective founding members, three states decided not to subscribe to all allocated shares: Malaysia, Portugal, and Singapore,[73] resulting in 98% of available shares being 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):[74]

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

Name plaque of AIIB at its global headquarters in Beijing

The bank's governance structure is composed of the Board of Governors[75] as the top-level and highest decision-making body.[76] It is composed of 1 governor for each member state of the bank and in principle meets once a year.[76] 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.[76]

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.[77]

New members are considered for admission only once a year. An overview of the constituencies is shown below:[78]

Country of DirectorCountries of AlternatesCountries of AdvisorsOther Constituencies
 Saudi Arabia Qatar
 United Arab Emirates		 Bahrain
 Jordan
 Oman		 Iraq
 Vanuatu
 Turkey Pakistan Azerbaijan
 Brunei
 Georgia		 Kyrgyzstan
   Nepal Maldives
 Thailand		 Bangladesh
 Malaysia
 Philippines
 Russia Iran
 Kazakhstan		 Tajikistan Belarus
 China Hong Kong
 Egypt Algeria
 Brazil
 Canada
 Sudan		 Argentina
 Benin
 Chile
 Côte d'Ivoire
 Ecuador
 Ethiopia
 Guinea
 Liberia
 Madagascar
 Morocco
 Peru
 Rwanda
 Tunisia
 Uruguay
 Australia New Zealand Singapore
 Vietnam		 Cook Islands
  Switzerland Iceland
 United Kingdom		 Denmark
 Norway
 Poland
 Romania
 Sweden		 Hungary
 Serbia
 Italy France
 Germany		 Austria
 Belgium
 Croatia
 Cyprus
 Finland
 Greece
 Ireland
 Luxembourg
 Netherlands
 Portugal
 Spain		 Malta
 India
 Sri Lanka Indonesia
 Laos		 Cambodia Timor-Leste
 South Korea Israel Fiji
 Mongolia
 Tonga		 Samoa
 Uzbekistan
Unallocated:
 Afghanistan
 Ghana
 Libya
 Myanmar
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
Russia Russia Konstantin Limitovskiy Vice President, Investment Operations (Region 2)
India India Urjit Patel Vice President, Investment Operations (Region 1)
Germany Germany Ludger Schuknecht Vice President and Corporate Secretary
Indonesia Indonesia Luky Eko Wuryanto Vice President and Chief Administration Officer
Brazil Brazil Alberto Ninio General Counsel
France France Antoine Castel Chief Risk Officer
New Zealand New Zealand Andrew Cross Chief Financial Officer
Sweden Sweden Erik Berglof Chief Economist

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.[79] The World Bank, IMF, and Asian Development bank have all cooperated with the AIIB as a compliment to the Bretton Woods institutions and which further increases overall capacity for development funds.[80]

Economist C. Fred Bergsten describes the AIIB as "helping meet a clear need for more infrastructure funding throughout Asia (and elsewhere)."[81] He concludes that the AIIB "has adhered to internationally agreed norms and best practices, and is innovating some of its own."[81] Additionally, Bergsten writes that China's role in the AIIB "has clearly met the U.S. request for China to function as a 'responsible stakeholder' in the world economy."[81]

Geopolitical implication in Asia-Pacific and beyond

There is no consensus in the United States about the role of the AIIB. John Ikenberry sees the AIIB as part of "China's emerging institutional statecraft,"[82] 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.[83] On the other hand, Paola Subacchi (Chatham House) argues that the AIIB represents a threat to US-dominated global governance.[84]

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.[85][86] These experts observe that the establishment of the Beijing-based AIIB does not necessitate rivalry, when economic cooperation is possible,[85] and that the decision by the UK to participate advances its own interests even if some of its allies are opposed.[86]

Environmental record

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.[87]

Political influence

In June 2023, Bob Pickard, a Canadian national and the global communications director and official spokesperson of AIIB resigned,[88] and fled from China.[89] Pickard said that the AIIB was dominated by Chinese Communist Party members who operate as an in-house secret police. Pickard also stated that the AIIB has one of the most toxic cultures imaginable.[90][91][92] Later the same day, Chrystia Freeland, the Deputy Prime Minister of Canada and Finance Minister announced that Canada is freezing ties with the AIIB while carrying out an investigation of the allegations and Canada's involvement in the AIIB.[93] In the following day, the AIIB launched an internal investigation and welcomed the Canadian review, but called the allegation "baseless."[94]

Comparison with ADB and IBRD

($ million)
AIIB[95]ADB[96]IBRD[97]
Established 201619661944
Date as of31 December 201731 December 202130 June 2022
Member.[52]Total8468189
(Regional, Non-regional, Prospective)49, 19, 0–
Credit ratingAAAAAAAAA
CapitalSubscribed95,001148,903286,636
Paid-in19,0007,44720,499
Total assets18,973282,084317,542
Lending4,220137,860227,092

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.[98][99]

2016 AIIB lending[98][99]
Approval dateCountryPurposeAmount M$Co-lenders
24 June 2016TajikistanRoad improvement27.5European Bank for Reconstruction and Development
24 June 2016BangladeshPower distribution lines165.0none
24 June 2016PakistanMotorway construction100.0Asian Development Bank and United Kingdom's Department for International Development
24 June 2016IndonesiaRedevelopment of poor districts216.5World Bank
27 September 2016PakistanHydropower plant300.0World Bank
27 September 2016MyanmarCombined Cycle Gas Turbine power plant20.0International Finance Corporation, the Asian Development Bank and certain commercial lenders
8 December 2016OmanRailways36.0none
8 December 2016OmanPort facilities265.0none
21 December 2016AzerbaijanGas pipeline600.0A number of other multilateral development banks including the World Bank and other commercial entities
Total1,730.0

2017

2017 AIIB lending[98][99]
Approval dateCountryPurposeAmount M$Co-lenders
22 March 2017IndonesiaRegional Infrastructure Development Fund Project100.0World Bank
22 March 2017IndonesiaDam Operational Improvement and Safety Project Phase II125.0World Bank
22 March 2017BangladeshNatural Gas Infrastructure and Efficiency Improvement Project60.0Asian Development Bank
2 May 2017IndiaAndhra Pradesh 24x7 – Power For All160.0World bank and Government of Andhra Pradesh
5 June 2017GeorgiaBatumi Bypass Road Project114.2Asian Development Bank
15 June 2017IndiaIndia Infrastructure Fund150.0Other investors
15 June 2017TajikistanNurek Hydropower Rehabilitation Project, Phase I60.0World Bank and Eurasian Development Bank
4 July 2017IndiaGujarat Rural Roads Project329.0Government of Gujarat
4 September 2017EgyptEgypt Round II Solar PV Feed-in Tariffs Program17.5International Finance Corporation and other lenders
27 September 2017IndiaTransmission System Strengthening Project100.0Asian Development Bank and Power Grid Corporation of India
27 September 2017PhilippinesMetro Manila Flood Management Project207.60World Bank
8 December 2017IndiaBangalore Metro Rail Project – Line R6335.0European Investment Bank and other lenders
8 December 2017OmanBroadband Infrastructure Project239.0none
8 December 2017ChinaBeijing Air Quality Improvement and Coal Replacement Project250.0Beijing Municipality, China CDM Fund and Beijing Gas
Total

2018

2018 AIIB lending[98][99]
Approval dateCountryPurposeAmount M$Co-lenders
9 February 2018BangladeshBhola IPP60.0none
11 April 2018IndiaMadhya Pradesh Rural Connectivity Project140.0World Bank
24 June 2018IndiaNational Investment and Infrastructure Fund100.0Government of India
24 June 2018TurkeyTuz Golu Gas Storage Expansion Project600.0World Bank, Islamic Development Bank, BOTAS and commercial loans
24 June 2018IndonesiaStrategic Irrigation Modernization and Urgent Rehabilitation Project250.0World Bank
28 September 2018IndiaAndhra Pradesh Rural Roads Project455.0Government of Andhra Pradesh
28 September 2018EgyptSustainable Rural Sanitation Services Program300.0World Bank
28 September 2018TurkeyTSKB Sustainable Energy and Infrastructure On-lending Facility200.0none
7 December 2018IndonesiaMandalika Urban and Tourism Infrastructure Project248.39Government of Indonesia
7 December 2018IndiaAndhra Pradesh Urban Water Supply and Septage Management Improvement Project400.0Government of Andhra Pradesh

2019

2019 AIIB lending[98][99]
Approval dateCountryPurposeAmount M$Co-lenders
26 March 2019BangladeshPower System Upgrade and Expansion Project120.0Government of Bangladesh and Power Grid Corporation of Bangladesh
26 March 2019LaosNational Road 13 Improvement and Maintenance Project40.0Government of Laos, NDF and IDA
4 April 2019Sri LankaReduction of Landslide Vulnerability by Mitigation Measures Project80.0Government of Sri Lanka
4 April 2019Sri LankaColombo Urban Regeneration Project200.0Government of Sri Lanka and private partner
21 May 2019 Nepal Upper Trisuli I Hydropower Project 90.0ADB, IFC, Korean Consortium
11 July 2019 Turkey Efeler 97.6 MW Geothermal project 100.0EBRD
11 July 2019 Bangladesh Municipal Water Supply and Sanitation Project 100.0World Bank, IDA, Government of Bangladesh
11 July 2019 Cambodia Fiber Optic Communication Network Project 75.0None
11 July 2019 India L&T Green Infrastructure On-Lending Facility 100.0None
26 September 2019 Pakistan Karachi Water and Sewerage Services Improvement 40.0World Bank
26 September 2019 India Tata Cleantech Sustainable Infrastructure On-Lending Facility 75.0TCCL
11 November 2019 Pakistan Karachi Bus Rapid Transit 71.81ADB
12 November 2019 Turkey TKYB Renewable Energy and Energy Efficiency On-Lending Facility 200.0None
6 December 2019 India Rajasthan 250 MW Solar Project–Hero Future Energies 65.0International Finance Corporation
6 December 2019 India Rajasthan 250 MW Solar Project–Hero Future Energies 65.0International Finance Corporation
12 December 2019 China Beijing-Tianjin-Hebei Low Carbon Energy Transition and Air Quality Improvement Project 500.0None
12 December 2019 India West Bengal Major Irrigation and Flood Management Project 145.0World Bank
12 December 2019 Egypt National Bank of Egypt On-Lending Facility for Infrastructure 150.0None
12 December 2019 Kazakhstan Zhanatas 100 MW Wind Power Plant 46.7Sponsors and other financial institutions
12 December 2019 Russian Federation Transport Sector Investment Loan 500.0None
12 December 2019 Uzbekistan Rural Infrastructure Development Project 82.0World Bank
12 December 2019 Turkey Istanbul Seismic Risk Mitigation and Emergency Preparedness Project 300.0World Bank
12 December 2019 Nepal Power Distribution System Upgrade and Expansion Project 112.3Nepal Electricity Authority

2020

2020 AIIB lending[98][99]
Approval dateCountryPurposeAmount M$Co-lenders
17 January 2020BangladeshDhaka and West Zone Transmission Grid Expansion Project200.0ADB
11 February 2020OmanIbri II 500MW Solar PV Independent Power Plant Project60.0ADB
3 April 2020BangladeshSylhet to Tamabil Road Upgrade Project404.0None
3 April 2020UzbekistanBukhara Region Water Supply and Sewerage (BRWSSP)385.1None
16 April 2020BangladeshDhaka Sanitation Improvement170.0World Bank
7 May 2020IndiaCOVID-19 Emergency Response and Health Systems Preparedness Project500.0World Bank
7 May 2020IndonesiaCOVID-19 Active Response and Expenditure Support Program750.0ADB
7 May 2020BangladeshCOVID-19 Active Response and Expenditure Support Program250.0ADB
7 May 2020GeorgiaEmergency COVID-19 Response Project100.0World Bank
28 May 2020PhilippinesCOVID-19 Active Response and Expenditure Support (CARES) Program750.0ADB
16 June 2020MongoliaCOVID-19 Rapid Response Program100.0ADB
16 June 2020IndiaCOVID-19 Active Response and Expenditure Support (CARES)750.0ADB
16 June 2020PakistanCOVID-19 Active Response and Expenditure Support (CARES) Program500.0ADB
22 June 2020UzbekistanBukhara Road Network Improvement Project (Phase 1)165.5None
22 June 2020IndonesiaEmergency Response to COVID-19 Program250.0World Bank
30 June 2020MaldivesCOVID-19 Emergency Response and Health Systems Preparedness Project7.30World Bank
30 June 2020KazakhstanCOVID-19 Active Response and Expenditure Support (CARES) Program750.0ADB
30 June 2020TurkeyCOVID-19 Credit Line Project500.0None
16 July 2020PakistanResilient Institutions for Sustainable Economy (RISE) Program250.0World Bank
16 July 2020TurkeyIzmir Metro Expansion Phase 4: Fahrettin Altay – Narlidere Line Project56.0EBRD, BSTDB
16 July 2020GeorgiaCOVID-19 Crisis Mitigation50.0World Bank
16 July 2020VietnamCOVID-19 Response Facility100.0IFC
13 August 2020FijiSustained Private Sector-Led Growth Reform Program50.0ADB
13 August 2020Kyrgyz RepublicKyrgyz Emergency Support for Private and Financial Sector Project50.0World Bank
13 August 2020UzbekistanHealthcare Emergency Response Project100.0ADB
27 August 2020TurkeyCOVID-19 Medical Emergency Response (MER) Project82.6EBRD
27 August 2020BangladeshCOVID-19 Emergency Response and Pandemic Preparedness Project100.0World Bank
10 September 2020MaldivesGreater Malé Waste-to-Energy Project40.0ADB
24 September 2020IndiaHDFC Line of Credit for Affordable Housing200.0None
24 September 2020IndonesiaMultifunctional Satellite PPP Project150.0None
15 October 2020LaosClimate Resilience Improvement of National Road 13 South Project (Section 3)30.0None
15 October 2020ChinaLegend Capital Healthcare Technology Fund30.0None
15 October 2020Russian FederationRussian Railways COVID-19 Emergency Response Project300.0None
16 October 2020BangladeshRural Water, Sanitation and Hygiene for Human Capital Development Project200.0World Bank
29 October 2020IndiaDelhi-Meerut Regional Rapid Transit System (RRTS)500.0ADB
25 November 2020UzbekistanNational Bank for Foreign Economic Activity of the Republic of Uzbekistan COVID-19 Credit Line Project200.0None
25 November 2020TurkeyAkbank COVID-19 Crisis Recovery Facility100.0None
25 November 2020EcuadorCorporación Financiera Nacional COVID-19 Credit Line Project50.0WB

See also

Notes

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Signatories of the Memorandum of Understanding

References

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