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Asian Infrastructure Investment Bank
From Wikipedia, the free encyclopedia
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by
China. The purpose of the multilateral development bank is to provide finance to infrastructure projects
in the Asia Pacific region. AIIB is regarded by some as a rival for the IMF, the World Bank and the
Asian Development Bank (ADB), which the AIIB says are dominated by developed countries like the
United States and Japan.
Contents
1 History
2 Member countries
2.1 Founding members
2.2 Invited countries
3 Reception
4 References
5 External links
History
The first news reports about the AIIB appeared in October 2013.[1] China has been frustrated with the
slow pace of reforms, governance and greater input in global established institutions like the IMF, World
Bank and Asian Development Bank which are dominated by American, European and Japanese
interests.[2] It has been identified the region requires $8 trillion to be invested from 2010 to 2020 in
infrastructure for the region to continue economic development.[2][3] It is hoped that the new bank will
allow China which has enormous capital to finance these projects and allow it a greater role to play in
the economic development of the region consummate with its growing economic and political clout.[4]
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 the bank.[5][6] On October 24, 2014, a signing ceremony
held in Beijing, formally recognized the establishment of the bank. 21 countries signed the bill, which
included: China, India, Thailand, Malaysia, Singapore, the Philippines, Pakistan, Bangladesh, Brunei,
Cambodia, Kazakhstan, Kuwait, Laos, Myanmar, Mongolia, Nepal, Oman, Qatar, Sri Lanka,
Uzbekistan, and Vietnam.[7] U.S. pressure allegedly led Australia and South Korea from signing up as
founding members, despite the fact that they had formerly expressed an interest in it.[8] Indonesia's
joining was slightly delayed due to their new presidential administration not being able to review the
membership in time.[9]
The next step is to negotiate the bank’s articles of agreement, which is expected to be completed by the
end of 2015.[10][11]
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Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the
territory would join the AIIB.[12]
Member countries
China will stake major shares while other Asian countries like Malaysia, Thailand, India, Sri Lanka and
Nepal, have agreed to sign the MoU.[13] Bangladesh is going to sign an MoU with China on 24 October
2014.[14]
Founding members
Member countries Date of accession
Bangladesh 2014
Brunei 2014
Cambodia 2014
China 2014
India 2014
Indonesia 2014[9]
Jordan 2015
Kazakhstan 2014
Kuwait 2014
Laos 2014
Malaysia 2014
Maldives 2014[9]
Mongolia 2014
Myanmar 2014
Nepal 2014
New Zealand 2015
Oman 2014
Pakistan 2014
Philippines 2014
Qatar 2014
Saudi Arabia 2015
Singapore 2014
Sri Lanka 2014
Thailand 2014
Tajikistan 2015
Uzbekistan 2014
Vietnam 2014
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Invited countries
The initial $50 billion was mostly provided by China, but Pakistan, India, Singapore and Vietnam were
also signatories. However, There are a total of 21 signatories.[15] Japan, South Korea, Indonesia, and
Australia were not in attendance, but China’s Ministry of Finance said "any country that signs and
ratifies the articles can still officially become a 'founding' member" though they must first be accepted
by the existing members.[10]
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.[16] The president of
ADB, Takehiko Nakao, noted the "huge infrastructure financing needs" in Asia and said that the
establishment of the AIIB is an understandable step. He said that when AIIB is established, ADB will be
willing to consider appropriate collaboration and, at the same time, urged that AIIB adopt international
best practices in such areas as procurement and social safeguards on lending arrangements.[17]
References
1. ^ "An Asian infrastructure bank: Only connect" (http://www.economist.com/blogs/analects/2013/10/asian
infrastructurebank1), The Economist, 4 October 2013.
2. ^ a b Brant, Philippa (25 September 2014). "Why Australia should join the Asian Infrastructure Investment
Bank" (http://www.lowyinterpreter.org/post/2014/09/25/AustraliashouldjoinAsianInfrastructure
InvestmentBank.aspx?COLLCC=3105014737&). http://www.lowyinterpreter.org/. Retrieved 27 October
2014.
3. ^ Bhattacharyay, Biswa N. (9 September 2010). "Estimating Demand for Infrastructure in Energy, Transport,
Telecommunications, Water and Sanitation in Asia and the Pacific: 20102020"
(http://www.adbi.org/workingpaper/2010/09/09/4062.infrastructure.demand.asia.pacific/). ADB. Retrieved
27 October 2010.
4. ^ "The Guardian view on the Asian Infrastructure Bank: the US should work with it, not oppose it: It’s no
surprise that China is promoting a solution to the shortage of infrastructure capital in Asia"
(http://www.theguardian.com/commentisfree/2014/oct/26/guardianviewasianinfrastructurebankunited
statesworknotoppose). The Guardian. 27 October 2014.
5. ^ Jamil Anderlini, "China expands plans for World Bank rival" (http://www.ft.com/intl/cms/s/0/b1012282
fba411e3aa1900144feab7de.html#axzz35d7vQQWB), The Financial Times, June 24, 2014.
6. ^ Atul Aneja, "China invites India to join Asian Infrastructure Investment Bank"
(http://www.thehindu.com/todayspaper/tpnational/chinainvitesindiatojoinasianinfrastructureinvestment
bank/article6161311.ece), The Hindu, June 30, 2014.
7. ^ "China, 20 other countries initiate new Asian bank" (http://www.dailymail.co.uk/wires/ap/article
2805943/China21countriesinitiatenewAsianbank.html), Mail Online, 24 October 2014.
8. ^ "China launches AIIB in Asia to counter World bank" (http://www.affairscloud.com/chinalaunchesaiibin
asiatocounterworldbank/),"Affairscloud" , 24 October 2014.
9. ^ a b c "Indonesia becomes 22nd founding member of AIIB" (http://news.xinhuanet.com/english/world/2014
11/27/c_133818862.htm). Xinhuanet.com. 27 November 2014. Retrieved 28 November 2014.
10. ^ a b Murray, Lisa (27 October 2014). "China leaves door open for Australian turnaround on Asia bank"
http://en.wikipedia.org/wiki/Asian_Infrastructure_Investment_Bank 3/4
3/6/2015 Asian Infrastructure Investment Bank Wikipedia, the free encyclopedia
10. ^ a b Murray, Lisa (27 October 2014). "China leaves door open for Australian turnaround on Asia bank"
(http://www.afr.com/p/special_reports/opportunityasia/china_leaves_door_open_for_australian_5h3TNywPIAp
aZ0dnI0dATN). The Australian Financial Review.
11. ^ "Three major nations absent as China launches W.Bank rival in Asia" (http://finance.yahoo.com/news/three
majornationsabsentchina040036987.html). Reuters. 27 October 2014. Retrieved 27 October 2014.
12. ^ http://www.budget.gov.hk/2015/eng/budget17.html
13. ^ Golam Moin Uddin, "BD going to be founding member of Asian Infrastructure Investment Bank in the
offing" (http://www.unb.com.bd/bdaiib), UNB, 19 October 2014.
14. ^ Abdur Rahim Harmachi, "Bangladesh more interested in AIIB" (http://bdnews24.com/WB
IMF/2014/10/15/bangladeshmoreinterestedinaiib), bdnews24.com, 15 October 2014.
15. ^ http://news.yahoo.com/china21othercountriesinitiateasianbank025611214.html
16. ^ "World Bank welcomes Chinaled infrastructure bank" (http://www.reuters.com/article/2014/07/08/us
chinaworldbankidUSKBN0FD0TU20140708), Reuters, July 8, 2014.
17. ^ "Statement by Asian Development Bank President Takehiko Nakao" (http://www.adb.org/news/statement
asiandevelopmentbankpresidenttakehikonakao), 24 October 2014.
External links
Asian investment bank: Realigning the status quo
(http://www.straitstimes.com/news/opinion/moreopinionstories/story/asianinvestmentbank
realigningthestatusquo20140902) by The Straits Times
India Considering Joining New Regional Infrastructure Bank (http://online.wsj.com/articles/india
consideringjoiningnewregionalinfrastructurebank1409149842) by The Wall Street Journal
Nepal to be founding member of Asian Infrastructure Investment Bank
(http://www.globalpost.com/dispatch/news/xinhuanewsagency/140806/nepalbefounding
memberasianinfrastructureinvestmentban) by GlobalPost
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