Asian Infrastructure Investment Bank

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Asian Infrastructure Investment Bank (AIIB)
AIIB logo.png
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
56 Members
24 prospective members[1]
Official language
English[2]
President
Jin Liqun[3]
Main organ
  • Board of Governors
  • Board of Directors
Website 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 an multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 56 member states while another 24 are prospective members for a total of 80 approved members and was proposed as an initiative by the government of China.[4] The initiative gained support from 37 regional and 20 non-regional Prospective Founding Members (PFM), all of which have signed the Articles of Agreement that form the legal basis for the bank. 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] Major economies that are not members include Japan and the United States.

The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development"[6] for the concern of global economic governance.[7] The capital of the bank is $100 billion, equivalent to 23 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]

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.[11]

The initiative was officially launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013.[12] 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.[13]

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.[14][15]

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.[13][16] 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.[17] 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.[18]

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.[19][20] 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.[21] 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.[22]

The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.[23] However, both Australia and South Korea applied to join the bank in March 2015.[24][25][26]

Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.[27] 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.[28] 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."[29] 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."[30]

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.[31]

Several other European states – including Germany, France and Italy – followed the UK's decision to join the AIIB in March.[32] 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."[33] 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.[34] 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[35] 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.[36][37]

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[38]

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."[39][40]

Legal basis and membership

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[2]
Signatories 57
Parties 52 (92% of initial subscriptions of capital stock)[1]
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.[41][42]

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, Hong Kong China, Timor Leste) 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. Then this brings total approved membership of AIIB rising to 80 (Regional Members: 37, Non-Regional Members: 19, Prospective Members: 24).[43][44]

Country (Region) Prospective Founding
Member status
Signature
(Articles)[1]
Ratification or Acceptance
(Articles)[1]
Total Subscriptions
(Amount of Shares in
millions USD)[2]
Voting Power
(Number of Votes)[2]
 Australia 3 April 2015[45] 29 June 2015 10 November 2015 3,691.2 39,854
 Austria 11 April 2015[46] 29 June 2015 3 December 2015 500.8 8,056
 Azerbaijan 15 April 2015[47] 29 June 2015 24 June 2016 254.1 5,589
 Bangladesh[a] 24 October 2014 29 June 2015 22 March 2016 660.5 9,547
 Brazil 12 April 2015[48] 29 June 2015 5.0
 Brunei[a] 24 October 2014 29 June 2015 12 October 2015 52.4 3,572
 Cambodia[a] 24 October 2014 29 June 2015 17 May 2016 62.3 3,671
 Canada 995.0
 China[a] 24 October 2014 29 June 2015 26 November 2015 29,780.4 300,746
 Denmark 12 April 2015[48] 27 October 2015 14 January 2016 369.5 6,743
 Egypt 14 April 2015[49] 29 June 2015 12 August 2016 650.5 9,447
 Ethiopia 13 May 2017 45.8 2,906
 Finland 12 April 2015[48] 29 June 2015 7 January 2016 310.3 6,151
 France 2 April 2015[50] 29 June 2015 16 June 2016 3,375.6 36,698
 Georgia 12 April 2015[48] 29 June 2015 14 December 2015 53.9 3,587
 Germany 1 April 2015[51] 29 June 2015 21 December 2015 4,484.2 47,784
 Hong Kong 7 June 2017 765.1 9,993
 Hungary 16 June 2017 100.0 3,342
 Iceland 15 April 2015[47] 29 June 2015 4 March 2016 17.6 3,224
 India[a] 24 October 2014 29 June 2015 11 January 2016 8,367.3 86,615
 Indonesia[a] 25 November 2014[22] 29 June 2015 14 January 2016 3,360.7 36,549
 Iran 7 April 2015[52] 29 June 2015 6 January 2017 1,580.8 18,750
 Israel 15 April 2015[47] 29 June 2015 15 January 2016 749.9 10,441
 Italy 2 April 2015[50] 29 June 2015 13 July 2016 2,571.8 28,660
 Jordan 7 February 2015 29 June 2015 25 December 2015 119.2 4,240
 Kazakhstan[a] 24 October 2014 29 June 2015 18 April 2016 729.3 10,235
 South Korea 11 April 2015[46] 29 June 2015 11 December 2015 3,738.8 40,329
 Kuwait 24 October 2014 4 December 2015 536.0
 Kyrgyzstan 9 April 2015[53] 29 June 2015 11 April 2016 26.8 3,210
 Laos[a] 24 October 2014 29 June 2015 15 January 2016 43.0 3,478
 Luxembourg 27 March 2015[54] 29 June 2015 9 December 2015 69.7 3,745
 Malaysia 24 October 2014 21 August 2015[55] 27 March 2017 109.5 4,102
 Maldives 31 December 2014[56] 29 June 2015 4 January 2016 7.2 3,120
 Malta 9 April 2015[53] 29 June 2015 7 January 2016 13.6 3,184
 Mongolia[a] 24 October 2014 29 June 2015 27 November 2015 41.1 3,353
 Myanmar[a] 24 October 2014 29 June 2015 1 July 2015 264.5 5,693
   Nepal[a] 24 October 2014 29 June 2015 13 January 2016 80.9 3,857
 Netherlands 12 April 2015[48] 29 June 2015 16 December 2015 1,031.3 13,255
 New Zealand 5 January 2015[57] 29 June 2015 9 December 2015[58] 461.5 7,663
 Norway 14 April 2015[49] 29 June 2015 22 December 2015 550.6 8,554
 Oman[a] 24 October 2014 29 June 2015 21 June 2016 259.2 5,640
 Pakistan[a] 24 October 2014 29 June 2015 22 December 2015 1,034.1 13,283
 Philippines 24 October 2014 31 December 2015 6 December 2016 979.1 12,733
 Poland 15 April 2015[47] 9 October 2015 20 April 2016 [59] 831.8 11,260
 Portugal 15 April 2015[47] 29 June 2015 8 February 2017 65.0 3,698
 Qatar[a] 24 October 2014 29 June 2015 24 June 2016 604.4 9,092
 Russia 14 April 2015[60] 29 June 2015 28 December 2015 6,536.2 68,304
 Saudi Arabia 13 January 2015[61] 29 June 2015 19 February 2016 2,544.6 28,388
 Singapore[a] 24 October 2014[62] 29 June 2015 10 September 2015 250.0 5,548
 South Africa 15 April 2015[47] 3 December 2015 590.5
 Spain 11 April 2015[46] 29 June 2015 1,761.5
 Sri Lanka[a] 24 October 2014 29 June 2015 22 June 2016 269.0 5,738
 Sweden 15 April 2015[47] 29 June 2015 23 June 2016 630.0 9,242
  Switzerland 28 March 2015[63] 29 June 2015 25 April 2016 706.4 10,006
 Tajikistan 13 January 2015[61] 29 June 2015 16 January 2016 30.9 3,251
 Thailand 24 October 2014[62] 1 October 2015 20 June 2016 1,427.5 17,217
 Turkey 10 April 2015[64] 29 June 2015 15 January 2016 2,609.9 29,041
 United Arab Emirates 5 April 2015[65] 29 June 2015 15 January 2016 1,185.7 14,799
 United Kingdom 28 March 2015[63] 29 June 2015 3 December 2015 3,054.7 33,489
 Uzbekistan[a] 24 October 2014 29 June 2015 30 November 2016 219.8 5,246
 Vietnam[a] 24 October 2014 29 June 2015 11 April 2016 663.3 9,575
Unallocated Shares 3,118.7
Grand Total 61
38 Regional
23 non-Regional
61
100.00% of shares
56
92.05% of shares
100,000
  Regional members

Non-members

The Czech Republic[66], Libya, Nigeria, Algeria, Iraq[67], Colombia[68], 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.[69]

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",[70][71] 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.[69] China's Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid creating a "two Chinas" or "one China, one Taiwan" situation.[72] 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.[73]

Other 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.[74] The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,[75] and expressed disappointment when others, such as Britain, joined.[62][74] 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.[76]

Japan Japan – "Under Consideration" / No commitment

  • Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.[77] 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.[78]. 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.[79] Toshihiro Nikai, secretary-general of the ruling party Liberal Democratic Party, suggested join the AIIB.[80]

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][81][82][83] Of the prospective founding members, three states decided not to subscribe to all allocated shares: Malaysia, Portugal and Singapore,[84] 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):[85]

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

The bank's governance structure is composed of the Board of Governors[86] as the top-level and highest decision-making body.[87] It is composed of 1 governor for each member state of the bank and in principle meets once a year.[87] 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.[87]

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.[88]

New members are considered for admission only once a year. An overview of the constituencies is shown below:[89]

Country of Director Countries of Alternates Other Constituencies
 Saudi Arabia  United Arab Emirates
 Qatar
 Jordan
 Oman
 Turkey  Pakistan
 Azerbaijan
 Brunei
 Georgia
 Kyrgyzstan
 Thailand  Bangladesh
 Philippines
 Malaysia
 Maldives
   Nepal
 China  Hong Kong
 South Korea  Israel  Mongolia
 Uzbekistan
 Egypt  Ethiopia
 Australia  Vietnam  New Zealand
 Singapore
 United Kingdom  Poland
  Switzerland
 Denmark
 Hungary
 Iceland
 Norway
 Sweden
 Russia  Kazakhstan  Iran
 Tajikistan
 Germany  France
 Italy
 Austria
 Finland
 Luxembourg
 Malta
 Netherlands
 Portugal
 India
 Indonesia  Laos
 Sri Lanka
 Cambodia
 Myanmar

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.[90]

Geopolitical implication in Asia and beyond

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 fact that “the UK seemingly broke from the G7 pack and announced it would join the AIIB. France, Germany, Italy, Australia, Russia, South Korea and Israel soon followed suit – with only Washington and Tokyo remaining outside the new multilateral bank.”[91][92]

These experts observe that the establishment of the Beijing-based AIIB “needn’t trigger vain geopolitical rivalries. China and the West can work successfully together to build a more prosperous, equitable economic order across the Asia-Pacific region[91] and that the decision by the UK to “join the China-instigated Asian Infrastructure Investment Bank […] shows overdue strategic clarity, and awareness among the political establishment that foreign policy towards China should aim to advance the national interest rather than placate Britain’s other allies[92]

Environmental record

As the bank is still in its early years, it has no environmental record. Several organisations[which?] 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.[93]

Comparison with ADB and IBRD

($ million)
AIIB[94] ADB[95] IBRD[96]
Date as of 31 Dec 2016 1 Jan 2017 30 Jun 2016
Established 2016 1966 1944
Member Total 50 (56)2 67 189
(Regional) 34 (37)2 48 -
Credit rating Unrated
(AAA)1
AAA AAA
Capital Subscribed 90,327 142,699 263,329
Paid-in 6,775 7,154 15,805
Paid-in receivable 11,007 0 0
Total assets 17,795 153,666 376,194
Lending 1,730 94,624 172,577

1 On 29 June 2017, Moody's Investors Service assigned first-time Aaa rating to AIIB, followed by Standard & Poor's and Fitch Ratings.[97][98]

2 As of 16 June 2017[44]

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.[99][100]

2016 AIIB lending[99][100]
Approval date Country Purpose Amount M$ Co-lenders
Jun 24, 2016 Tajikistan Road Improvement 27.5 European Bank for Reconstruction and Development
Jun 24, 2016 Bangladesh Power distribution lines 165.0 none
Jun 24, 2016 Pakistan Motorway construction 100.0 Asian Development Bank and United Kingdom's Department for International Development
Jun 24, 2016 Indonesia Redevelopment of poor districts 216.5 World Bank
Sep 27, 2016 Pakistan Hydropower plant 300.0 World Bank
Sep 27, 2016 Myanmar Combined Cycle Gas Turbine power plant 20.0 International Finance Corporation, the Asian Development Bank and certain commercial lenders
Dec 8, 2016 Oman Railways 36.0 none
Dec 8, 2016 Oman Port facilities 265.0 none
Dec 21, 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

See also

Notes

  1. ^ a b c d e f g h i j k l m n o p q r Signatories of the Memorandum of Understanding

References

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External links

  • AIIB official website
  • Articles of Agreement of the Bank, and Report on the Articles
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