“Asian Infrastructure Investment Bank”

THE idea of creating a new multilateral bank, the Asian Infrastructure Investment Bank (AIIB), was first evinced by Chinese President Xi Jinping in October 2013. After more than 800 days of combined preparatory efforts by 57 countries, the AIIB was formally established on December 25, 2015 in Beijing. The bank held its opening ceremony on January 16, 2016, and President Xi made a speech at the ceremony.

The AIIB is a regional inter-governmental development institution focused on supporting infrastructure development. It is the first multinational financial institution sponsored by China. As of the end of March 2017, the bank’s membership had reached 70, second only to that of the World Bank. Its members include five G7 members, 15 members of G20, and four permanent members of the UN Security Council .

Among other sectors, the bank will initially invest in energy and electricity, transport, telecommunications, rural and agricultural infrastructure, water supply and sewerage, environmental protection, urban development, and logistics. The first batch of loans was approved in June 2016.