Asian Infrastructure Investment Bank(AIIB)

 

The Asian Infrastructure Investment Bank (AIIB) is an International Financial Institution proposed by the government of  China to provide finance to infrastructure projects in the Asia Region.

AIIB is regarded by some as a rival for the International Montary Fund(IMF), the World Bank and the Asian Development Bank  (ADB), which are regarded as dominated by developed countries like the United States.

 The United Nations has addressed the launch of AIIB as "scaling up financial for sustainable development"for the concern of Global Economic Governance

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.

 

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.

There are 45 members as of March 28, 2015

Asia Regional  Members

Country/Region Date of accession  Bangladesh 2014  Brunei 2014  Cambodia 2014  China 2014 (Founder)  Georgia 28 March 2015  Hong Kong 2014  India 2014  Indonesia 2014  Jordan 2015  Kazakhstan 2014  Kuwait 2014  Laos 2014  Malaysia 2014  Maldives 2014  Mongolia 2014  Myanmar 2014    Nepal 2014  Oman 2014  Pakistan 2014  Philippines 2014  Qatar 2014  Russia 28 March 2015  Saudi Arabia 2015  Singapore 2014  South Korea 2015  Sri Lanka 2014  Tajikistan 2015  Thailand 2014  Turkey 26 March 2015  Uzbekistan 2014  Vietnam 2014

Non-regional Members

Country	Date of application
Australia	29 March 2015
Austria	24 March 2015
Brazil	28 March 2015
Denmark	28 March 2015
France	17 March 2015
Germany	17 March 2015
Italy	17 March 2015
Luxembourg	19 March 2015
Netherlands	28 March 2015
New Zealand	28 November 2014
Spain	28 March 2015
Switzerland	20 March 2015
United Kingdom	13 March 2015