Asian Infrastructure Investment Bank
 |
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| Abbreviation | AIIB |
|---|---|
| Formation |
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| Type | Regional Investment Bank |
| Legal status | Treaty |
| Purpose | Crediting |
| Headquarters | Beijing, China |
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Region served
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Asia and Oceania |
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Membership
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50 Members |
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Official language
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English |
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President
|
Jin Liqun |
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Main organ
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| 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 | ||||||
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| Alternative Chinese name | |||||||
| Simplified Chinese | 亚投行 | ||||||
| Traditional Chinese | 亞投行 | ||||||
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| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Yàzhōu jīchǔ shèshī tóuzī yínháng |
| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Yàtóuháng |
| Articles of Agreement of the Asian Infrastructure Investment Bank | |
|---|---|
Signatories (regional)
Parties (regional)
Signatories (non-regional)
Parties (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 |
| Signatories | 57 |
| Parties | 49 (92% of initial subscriptions of capital stock) |
| Depositary | Government of the People’s Republic of China |
| Languages | Chinese, English (used in disputes) and French |
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 50 member states (all "Founding Members") and was proposed as an initiative by the government of China. 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. Major economies that did not become PFM include the G7/G8 members' Japan and the United States, although Canada was accepted on 23 September 2016.
The United Nations has addressed the launch of AIIB as having potential for "scaling up financing for sustainable development" for the concern of global economic governance. The capital of the bank is $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.
The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014.
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.
The initiative was officially launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013. 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.
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Wikipedia