The Asian Infrastructure Investment Bank (AIIB) is a proposed international financial institution that will support infrastructure projects in the Asia-Pacific region. The bank was proposed by the government of China and is supported by 37 regional and 20 non-regional members, President Xi Jinping considers the Bank to be a practical method for achieving his "One Road, One Belt" vision, which would recreate the historic Silk Road that connected China to the Mediterranean, the Middle East and Western Europe, through Central Asia.
The first news reports about the AIIB appeared in October 2013, stating that the Chinese government had been frustrated with what it regards as the slow pace of reforms in governance methods in other multilateral banks, and wanted greater input in global institutions. Even in China's own backyard, the U.S. holds greater voting power that China in the Asian Development Bank (13% v. 5.5%).
While the U.S. and its allies dominate the existing multilateral banks and are slow to reform the institutions, China is moving ahead as a leader of its own institution, leaving the U.S. and Japan to worry about China's increasing global power.
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. On 24 October 2014, 21 countries signed a Memorandum of Understanding (MOU) regarding the AIIB in Beijing, China.
The IPD AIIB team will be tracking global news and opinions regarding the AIIB as it rolls out in the coming months. Check in on our blog for regular updates and policy briefs.
AIIB Task Team Leader – James Smith
Graduate Research Affiliates – Siyu Luo, Ryan Williams, Laura Richards
Undergraduate Research Affiliates –Jang-Hao Huang, Sebastian De Beurs
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