Asian Infrastructure Investment Bank
The idea of creating a new multilateral bank, the Asian Infrastructure Investment Bank (AIIB), was first evinced by President Xi Jinping of China in October 2013. After more than 800 days of combined preparatory efforts by 57 countries, the AIIB was formally established, in accordance with China’s proposal, on December 25, 2015 in Beijing. The bank held its opening ceremony on January 16, 2016, and President Xi Jinping 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 December 19, 2018, the bank’s membership had reached 93, second only to that of the World Bank. Among its members, there are five G7 members, 16 G20 members, and four UN Security Council permanent members.
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.