Asian Infrastructure Investment Bank
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 13 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]
"AIIB" redirects here. For other uses, see AIIB (disambiguation).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]