Asian Infrastructure Investment Bank

{{Politics of China|expanded=Foreign }}

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 government think tank, at the Bo'ao Forum in April 2009. The initial context was to make better use of Chinese foreign currency reserves during the 2008 financial crisis.{{cite journal |title=The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road |journal=China Economic Journal |volume=9 |issue=2 |pages=116–139 |date=4 April 2016 |doi=10.1080/17538963.2016.1162970|last1 = Callaghan|first1 = Mike|last2=Hubbard |first2=Paul |s2cid=155902703 |url=http://www.eaber.org/node/25355 |url-access=subscription }}

The initiative was officially launched by General Secretary of the Chinese Communist Party Xi Jinping on a state visit to Indonesia in October 2013.{{cite news |url=https://www.economist.com/blogs/analects/2013/10/asian-infrastructure-bank-1 |title=An Asian infrastructure bank: Only connect |newspaper=The Economist |date=4 October 2013 |access-date=2 April 2015}} 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 heavily dominated by American, European and Japanese interests.{{cite web |last=Brant |first=Philippa |date=25 September 2014 |title=Why Australia should join the Asian Infrastructure Investment Bank |url=http://www.lowyinterpreter.org/post/2014/09/25/Australia-should-join-Asian-Infrastructure-Investment-Bank.aspx?COLLCC=3105014737& |access-date=27 October 2014 |website=The Interpreter |publisher=Lowy Institute for International Policy}}

At inception, the AIIB was explicitly linked to China's Belt and Road Initiative.{{Cite book |last1=Curtis |first1=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |publisher=Yale University Press |isbn=9780300266900 |location=New Haven and London |publication-date=2024 |doi=10.2307/jj.11589102 |jstor=jj.11589102}}{{Rp|page=166}} The AIIB was subsequently broadened to include investments with states that are not involved with the BRI and its mission characterized more generally as building "infrastructure for tomorrow," with a focus on green infrastructure and connectivity.{{Rp|page=166}}

In April 2014, Chinese Premier Li Keqiang delivered a keynote speech at the opening of the Boao Forum for Asia and said that China was ready to intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank.{{cite news| url= https://www.academia.edu/19535167| work= Revue Analyse Financière| location=Paris | title= China's AIIB, America's Pivot to Asia & the Geopolitics of Infrastructure Investments| first= M. Nicolas J. | last= Firzli | date=2015 | access-date=1 October 2015}}{{cite web|url=http://gbtimes.com/china/china-eyes-closer-asias-economic-integration-through-asian-infrastructure-bank|title=ChinaBoao Forum China eyes closer Asia's economic integration through Asian infrastructure bank|publisher=GBTIMES BEIJING|date=11 April 2014|access-date=10 April 2015|archive-date=3 February 2016|archive-url=https://web.archive.org/web/20160203153116/http://gbtimes.com/china/china-eyes-closer-asias-economic-integration-through-asian-infrastructure-bank|url-status=dead}}

The Asian Development Bank Institute published a report in 2010 which said that the region requires $8 trillion to be invested from 2010 to 2020 in infrastructure for the region to continue economic development.{{cite web|url = https://openaccess.adb.org/handle/11540/3836|title = Estimating Demand for Infrastructure in Energy, Transport, Telecommunications, Water and Sanitation in Asia and the Pacific: 2010–2020|date = 9 September 2010|access-date =27 October 2010 |publisher=Asian Development Bank Institute|last = Bhattacharyay|first = Biswa N.}} In a 2014 editorial, The Guardian newspaper wrote that the new bank could allow Chinese capital to finance these projects and allow it a greater role to play in the economic development of the region commensurate with its growing economic and political clout.{{cite news|url = https://www.theguardian.com/commentisfree/2014/oct/26/guardian-view-asian-infrastructure-bank-united-states-work-not-oppose|title = 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|date = 27 October 2014|access-date =2 April 2015 |newspaper = The Guardian}} But until March 2015, China in the ADB has only 5.47 percent voting right, while Japan and US have a combined 26 percent voting right (13 percent each) with a share in subscribed capital of 15.7 percent and 15.6 percent, respectively. Dominance by both countries and slow reforms underlie China's wish to establish the AIIB, while both countries worry about China's increasing influence.{{cite news |url=https://www.bloomberg.com/news/articles/2015-03-18/in-development-bank-battle-surge-to-china-rattles-japan |title=In Development Bank Battle, Surge to China Rattles Japan |author=Isabel Reynolds and Enda Curran |newspaper=Bloomberg.com |access-date=5 April 2015 |date=18 March 2015}}

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.{{cite web |first=Jamil |last=Anderlini|url=http://www.ft.com/intl/cms/s/0/b1012282-fba4-11e3-aa19-00144feab7de.html |title=China expands plans for World Bank rival |work=Financial Times |date=24 June 2014}}{{cite news |first=Atul |last=Aneja |url=http://www.thehindu.com/todays-paper/tp-national/china-invites-india-to-join-asian-infrastructure-investment-bank/article6161311.ece |title=China invites India to join Asian Infrastructure Investment Bank |newspaper=The Hindu |date=30 June 2014 |access-date=2 April 2015}} Thank was founded in Beijing in October 2014.{{Cite book |last=Lin |first=Shuanglin |title=China's Public Finance: Reforms, Challenges, and Options |date= |publisher=Cambridge University Press |year=2022 |isbn=978-1-009-09902-8 |edition= |location=New York, NY}}{{Rp|page=221}} On 24 October 2014, twenty-one countries signed a Memorandum of Understanding (MOU) regarding the AIIB in Beijing, China: Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Myanmar, Mongolia, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.{{cite news|url=https://apnews.com/dd0743e609cb413bb1ab09e528b121d9|title=China, 20 other countries initiate new Asian bank|date=24 October 2014}} Indonesia's joining was slightly delayed due to their new presidential administration not being able to review the membership in time. Indonesia signed the MOU on 25 November 2014.{{cite news |date=27 November 2014 |title=Indonesia becomes 22nd founding member of AIIB |agency=Xinhua News Agency |url=http://news.xinhuanet.com/english/world/2014-11/27/c_133818862.htm |archive-url=https://web.archive.org/web/20141130200304/http://news.xinhuanet.com/english/world/2014-11/27/c_133818862.htm |url-status=dead |archive-date=30 November 2014 |access-date=28 November 2014}}

The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.{{cite web|url=http://www.affairscloud.com/china-launches-aiib-in-asia-to-counter-world-bank|title=China launches AIIB in Asia to counter World bank|work=Affairscloud|date=24 October 2014}} However, both Australia and South Korea applied to join the bank in March 2015.{{Cite journal|last1=Knoerich|first1=Jan|last2=Urdinez|first2=Francisco|date=2019-09-01|title=Contesting Contested Multilateralism: Why the West Joined the Rest in Founding the Asian Infrastructure Investment Bank|url=https://doi.org/10.1093/cjip/poz007|journal=The Chinese Journal of International Politics|volume=12|issue=3|pages=333–370|doi=10.1093/cjip/poz007|issn=1750-8916}}{{cite web|url=http://news.xinhuanet.com/english/2015-03/29/c_134106555.htm|archive-url=https://web.archive.org/web/20150402175848/http://news.xinhuanet.com/english/2015-03/29/c_134106555.htm|url-status=dead|archive-date=2 April 2015|title=Australia decides to join China-proposed AIIB|access-date=30 June 2015}}{{cite web|url=http://www.abc.net.au/news/2015-03-29/australia-a-step-closer-to-joining-chinas-development-fund-aiib/6356352?section=business|title=Asian Infrastructure Investment Bank: Australia to sign Memorandum of Understanding to join China development fund|work=ABC News|access-date=30 June 2015|date=28 March 2015}}{{cite web|url=http://news.xinhuanet.com/english/2015-03/26/c_134100337.htm|archive-url=https://web.archive.org/web/20150402175454/http://news.xinhuanet.com/english/2015-03/26/c_134100337.htm|url-status=dead|archive-date=2 April 2015|title=S. Korea decides to join China-proposed AIIB|access-date=30 June 2015}}

Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.{{cite web|url=http://www.budget.gov.hk/2015/eng/budget17.html|title=The 2015–16 Budget – Budget Speech|access-date=29 March 2015}} It did however not become one of the prospective founding members and negotiated as part of the Chinese delegation.

In early March 2015, the United Kingdom's Chancellor of the Exchequer, George Osborne, announced that the UK had decided to apply to join the Bank, becoming the third Western country to do so after Luxembourg and New Zealand.{{cite web|title=UK announces plans to join Asian Infrastructure Investment Bank|url=https://www.gov.uk/government/news/uk-announces-plans-to-join-asian-infrastructure-investment-bank|publisher=HM Treasury|access-date=19 October 2015|date=12 March 2015}} The announcement was criticised by the U.S. Obama Administration. A US government official told Financial Times, "We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power." The official further stated that the British decision was taken after "no consultation with the US."{{cite news|url=http://www.ft.com/cms/s/0/0655b342-cc29-11e4-beca-00144feab7de.html|title=Europeans defy US to join China-led developme|work=Financial Times|date=16 March 2015|access-date=31 December 2015}} In response, the UK indicated that the subject had been discussed between Chancellor Osborne and US Treasury Secretary Jack Lew for several months preceding the decision. It was further stated that joining the bank as a founding member would allow the UK to influence the development of the institution. By encouraging Chinese investments in the next generations of nuclear power plants, Osborne announced that "the City of London would become the base for the first clearing house for the yuan outside Asia."{{cite news|url=https://www.theguardian.com/us-news/2015/mar/13/white-house-pointedly-asks-uk-to-use-its-voice-as-part-of-chinese-led-bank|title=US Anger at Britain Joining Chinese-led Investment Bank AIIB|work=The Guardian|date=26 March 2015|access-date=31 December 2015}}

Following the criticism, the White House National Security Council, in a statement to The Guardian, declared,

Our position on the AIIB remains clear and consistent. The United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around the world. We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks. Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards [...] The international community has a stake in seeing the AIIB complement the existing architecture, and to work effectively alongside the World Bank and Asian Development Bank.{{cite news|url=http://www.thestandard.com.hk/breaking_news_detail.asp?id=58463&icid=2&d_str=20150313|title=Washington rebukes Britain's decision to join China-backed Asian infrastructure bank|date=13 March 2015|work=The Standard|access-date=17 March 2015|archive-url=https://web.archive.org/web/20150316182317/http://thestandard.com.hk/breaking_news_detail.asp?id=58463&icid=2&d_str=20150313|archive-date=16 March 2015|url-status=dead}}

After the UK's decision to join the AIIB, a surge of new applications followed, including several other European states – including Germany, France and Italy – with a total number reaching 53 by the end of March.{{cite news|title=UK move to join China-led bank a surprise even to Beijing|url=http://www.ft.com/cms/s/0/d33fed8a-d3a1-11e4-a9d3-00144feab7de.html#axzz3voHsrvcS|access-date=30 December 2015|work=Financial Times|date=26 March 2015}}{{Cite web |last=Reich |first=Simon |date=2015-04-09 |title=China's new investment bank challenges US influence on global economics |url=http://theconversation.com/chinas-new-investment-bank-challenges-us-influence-on-global-economics-39978 |access-date=2023-06-16 |website=The Conversation |language=en}} German Finance Minister Wolfgang Schäuble stated, "We want to contribute our long-standing experience with international financial institutions to the creation of the new bank by setting high standards and helping the bank to get a high international reputation."{{cite news|url=https://www.wsj.com/articles/germany-france-italy-to-join-china-backed-development-bank-1426597078|title=Germany, France, Italy to Join China-Backed Development Bank|work=Wall Street Journal|date=17 March 2015}} In March 2015, the South Korean Ministry of Strategy and Finance announced that it, too, is planning to join the AIIB, citing its potential in helping South Korean companies win deals in infrastructural projects as well expanding South Korea's influence in international banking as a founding member.{{cite news|url=https://www.nytimes.com/2015/03/27/world/asia/south-korea-to-join-asian-infrastructure-investment-bank.html|work=The New York Times|title=South Korea Plans to Join Regional Development Bank Led by China|author=Choe Sang-Hun|date=27 March 2015}} States could indicate their interest in becoming a Prospective Founding Member until 31 March 2015.

Negotiations took place in the framework of five Chief Negotiators Meetings (CNMs) which took place between November 2014 and May 2015. The Articles of Agreement, the legal framework of the bank, were concluded in the fifth CNM. It was signed on 29 June 2015 by 50 of the named 57 prospective founding members in Beijing, while the other seven signed later.

On 25 December 2015, the Articles of Agreement entered into force. On 16 January 2016, the board of governors of the bank convened its inaugural meeting in Beijing and declared the bank open for business. Jin Liqun was elected as the bank's president for a five-year term. 17 states (Australia, Austria, Brunei, China, Georgia, Germany, Jordan, Luxembourg, Mongolia, Myanmar, the Netherlands, New Zealand, Norway, Pakistan, Singapore, South Korea and the United Kingdom) together holding 50.1% of the initial subscriptions of Authorized Capital Stock, had deposited the instrument of ratification for the agreement, triggering entry into force, and making them all founding members{{cite web|url=https://verdragenbank.overheid.nl/en/Verdrag/Details/013207|work=Government of the Netherlands|title=Articles of Agreement of the Asian Infrastructure Investment Bank|access-date=30 September 2015}} and bringing the Articles of Agreement, the bank's charter, into force. 35 other states followed later, taking the amount of Authorized Capital Stock held by the 29 members of the bank to 74%.

The Asian Infrastructure Investment Bank can be construed as a natural inter-national extension of the infrastructure-driven economic development framework that has sustained the rapid economic growth of China since the adoption of the Chinese economic reform under Chinese leader Deng Xiaoping. It stems from the notion that long-term economic growth can only be achieved through systematic, and broad-based investments in infrastructure assets – in contrast with the more short-term "export-driven" and "domestic consumption" development models favored by mainstream Western Neoclassical economists and pursued by many developing countries in the 1990s and the first decade of the 21st century with generally disappointing results.{{cite news|author= M. Nicolas J. Firzli World Pensions Council (WPC) Director of Research quoted by Andrew Mortimer|title= Country Risk: Asia Trading Places with the West|url= http://www.euromoney.com/Article/3006113/Euromoney-country-risk-Asia-trading-places-with-the-west.html|work= Euromoney Country Risk|date= 14 May 2012|access-date= 5 November 2012|location= .|archive-date= 3 June 2017|archive-url= https://web.archive.org/web/20170603132157/http://www.euromoney.com/Article/3006113/Euromoney-country-risk-Asia-trading-places-with-the-west.html|url-status= dead}}{{cite news|author=M. Nicolas J. Firzli |title= Forecasting the Future: The BRICs and the China Model|url= https://www.academia.edu/12319362| work= International Strategic Organization (USAK) Journal of Turkish Weekly |date= 8 March 2011|access-date=9 May 2015 | location=.}}

In his 29 March 2015 speech at the Boao Forum for Asia (BFA) annual conference, Xi Jinping said:

[T]he Chinese economy is deeply integrated with the global economy and forms an important driving force of the economy of Asia and even the world at large. […] China's investment opportunities are expanding. Investment opportunities in infrastructure connectivity as well as in new technologies, new products, new business patterns, and new business models are constantly springing up. […] China's foreign cooperation opportunities are expanding. We support the multilateral trading system, devote ourselves to the Doha Round negotiations, advocate the Asia-Pacific free trade zone, promote negotiations on regional comprehensive economic partnership, advocate the construction of the Asian Infrastructure Investment Bank (AIIB), boost economic and financial cooperation in an all-round manner, and work as an active promoter of economic globalization and regional integration.

Xi insisted also that the Silk Road Fund and the Asian Infrastructure Investment Bank would foster "economic connectivity and a new-type of industrialization [in the Asia Pacific area], and [thus] promote the common development of all countries as well as the peoples' joint enjoyment of development fruits."{{cite news|author= Wang Huning |title= Xi Jinping Holds Talks with Representatives of Chinese and Foreign Entrepreneurs Attending BFA Annual Conference|url= http://www.fmprc.gov.cn/mfa_eng/zxxx_662805/t1250585.shtml| work=PRC Ministry of Foreign Affairs |date= 29 April 2015|access-date=9 May 2015 | location=.|display-authors=etal}}

Academic Suisheng Zhao writes that China's launching of the AIIB was intended by China to reduce tensions caused by the United States' efforts to delay reform of the Bretton Woods system, intended to provide international public goods, and intended to provide China with increased participation in international rule-making.{{Cite book |last=Zhao |first=Suisheng |url=https://www.worldcat.org/oclc/1331741429 |title=The dragon roars back : transformational leaders and dynamics of Chinese foreign policy |date=2023 |publisher=Stanford University Press |isbn=978-1-5036-3088-8 |location=Stanford, California |pages=243 |oclc=1331741429 |author-link=Suisheng Zhao}}

{{Infobox Treaty

|name = Articles of Agreement of the Asian Infrastructure Investment Bank

|image =Asian Infrastructure Investment Bank map.svg

|image_width =280px

|caption ={{legend|lightgreen|Prospective members (regional)}}

{{legend|green|Members (regional)}}

{{legend|#88ccf9|Prospective members (non-regional)}}

{{legend|blue|Members (non-regional)}}

|type =

|date_drafted =

|date_signed = {{dts|29 June 2015}}

|location_signed = Beijing, China

|date_sealed =

|date_effective = {{dts|25 December 2015}}

|condition_effective = Ratification by 10 states, comprising 50% of initial subscriptions of capital stock

|date_expiration =

|signatories = 57

|parties = 72 (96% of initial subscriptions of capital stock)

|depositor = Government of the People's Republic of China

|language =

|languages = Chinese, English (used in disputes) and French

|wikisource =

}}

The Articles of Agreement form the legal basis for the Bank. 57 Prospective Founding Members (PFM) named in annex A of the agreement are eligible to sign and ratify the Articles, thus becoming a member of the Bank. Other states, which are parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members after approval of their accession by the bank.

The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China.{{cite web|url=http://www.fso.gov.hk/eng/blog/blog290315.htm|title=Financial Secretary – My Blog – 亞投行|access-date=29 March 2015|work=Government of Hong Kong|archive-date=3 April 2015|archive-url=https://web.archive.org/web/20150403081743/http://www.fso.gov.hk/eng/blog/blog290315.htm|url-status=dead}}{{cite web|url=http://aiibank.org/yatouhang_04.html |title=The Status of AIIB, About AIIB |work=Asian Infrastructure Investment Bank |access-date=21 July 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150811022221/http://aiibank.org/yatouhang_04.html |archive-date=11 August 2015 }}

The 57 Prospective Founding Members can become Founding Members through:

• Signing the Articles of Agreement in 2015
• Ratifying the Articles of Agreement in 2015 or 2016

All Prospective Founding Members have signed the Articles, 52 of which have ratified them, comprising 92% of the shares of all PFM. The formal actions towards becoming a Founding Member are shown below, as well as the percentage of the votes and of the shares, in the event all prospective founding states become parties, and no other members are accepted.

In March 2017, 13 other states were granted prospective membership: 5 regional (Afghanistan, Armenia, Fiji, Timor Leste and Hong Kong, China) and 8 non-regional: Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela. In May 2017, 7 states were granted prospective membership: 3 regional (Bahrain, Cyprus, Samoa) and 4 non-regional (Bolivia, Chile, Greece, Romania). In June 2017, 3 other states were granted prospective membership: 1 regional (Tonga) and 2 non-regional (Argentina, Madagascar).{{cite web|title=AIIB Approves Membership of Argentina, Madagascar and Tonga // The Bank's approved membership rises to 80|url=https://www.aiib.org/en/news-events/news/2017/20170616_003.html|website=AIIB|access-date=30 June 2017|location=Beijing, China|language=en|date=16 June 2017}} In 2018, 7 other states were granted prospective membership: 1 regional (Lebanon) and 6 non-regional (Algeria, Ghana, Libya, Morocco, Serbia, Togo).{{cite web|title=AIIB Approves Membership of Algeria, Ghana, Libya, Morocco, Serbia, Togo

|url=https://www.aiib.org/en/news-events/news/2018/20181219_001.html|website=AIIB|access-date=20 December 2018|location=Beijing, China|language=en|date=19 December 2018}}{{cite web|title=AIIB Approves Lebanon Membership|url=https://www.aiib.org/en/news-events/news/2018/20180626_003.html|website=AIIB|access-date=20 December 2018|location=Beijing, China|language=en|date=26 June 2018}} In 2019, 9 other states were granted prospective membership: 9 non-regional (Djibouti, Rwanda, Benin, Côte d'Ivoire, Guinea, Tunisia, Uruguay, Croatia, Senegal).{{cite web|title=AIIB Approves Membership of Côte d'Ivoire, Guinea, Tunisia, and Uruguay|url=https://www.aiib.org/en/news-events/news/2019/20190422_001.html|website=AIIB|access-date=13 July 2019|location=Beijing, China|language=en|date=22 April 2019}} In 2020, Liberia were granted prospective membership. In 2021, 2 states were granted prospective membership:1 regional (Iraq) and 1 non-regional (Nigeria). In 2023, 4 states were granted prospective membership: 4 non-regional (Mauritania, El Salvador, Solomon Islands, Tanzania). They become members after finishing their domestic procedures. As of March 2025, the total number of countries approved for membership of AIIB is 110 (Regional Members: 49, Non-Regional Members: 51, Prospective Members: 10).{{cite web |title=Members and Prospective Members of the Bank |publisher=AIIB |url=https://www.aiib.org/en/about-aiib/governance/members-of-bank/index.html}} Countries holding at least 2.0% of either the total subscriptions or voting powers are in bold.

Members

{{static row numbers}}

Prospective Members

{{legend|#CDF|Regional members}}

The Articles of Agreement provide for non-sovereign entities to become members of the bank. In addition to the requirements for sovereign states, the membership of dependent territories must be supported by the state responsible for its external relations.

The Czech Republic,{{cite web|language=cs|url=http://byznys.ihned.cz/c1-63863800-cinane-do-asijske-rozvojove-banky-pribrali-57-zemi-cesko-se-vstupem-vaha |title=Číňané do Asijské rozvojové banky přibrali 57 zemí. Česko se vstupem váhá|date=15 April 2015|work=Hospodářské noviny}} Nigeria, Iraq,{{Cite journal|url=https://www.linkedin.com/pulse/infraasia-aiib-approves-13-new-members-tommy-wong|date=29 March 2017 |title=InfraAsia – AIIB approves 13 new members|journal=LinkedIn|access-date=10 July 2017}} Colombia,{{cite web|url=http://www.chinagoabroad.com/en/article/aiib-approves-13-new-members|title=AIIB approves 13 new members|work=ChinaGoAbroad|access-date=10 July 2017|archive-date=31 October 2017|archive-url=https://web.archive.org/web/20171031202845/http://www.chinagoabroad.com/en/article/aiib-approves-13-new-members|url-status=dead}} Ukraine are considering joining the AIIB as members. Mexico, Japan and the United States have no immediate intention to participate. Taiwan's request to become a Prospective Founding Member was rejected by China as it does not consider the former to be a sovereign state.

{{flag|Taiwan}}

• Taiwan applied for PFM to join the AIIB via Taiwan Affairs Office on 31 March 2015, possibly under the name "Chinese Taipei",{{cite news|title=Taiwan to apply to join China-backed AIIB investment bank|url=http://in.reuters.com/article/asia-aiib-taiwan-idINKBN0MR07820150331|archive-url=https://web.archive.org/web/20160106184613/http://in.reuters.com/article/asia-aiib-taiwan-idINKBN0MR07820150331|url-status=dead|archive-date=6 January 2016|access-date=31 March 2015|work=Reuters|date=31 March 2015}}{{cite news|title=Legislature not against AIIB bid|url=http://www.taipeitimes.com/News/taiwan/archives/2015/04/02/2003614976|access-date=2 April 2015|work=Taipei Times|date=2 April 2015}} but was rejected by the Multilateral Interim Secretariat of the AIIB on 13 April, without any reason stated. However, mainland China claims that there is the possibility for Taiwan to obtain membership at a later date.[http://focustaiwan.tw/news/acs/201504130006.aspx Taiwan unable to become AIIB prospective founding member: China]. Retrieved 13 April 2014. Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid creating a "two Chinas" or "one China, one Taiwan" situation.{{cite news|title=Foreign Ministry Spokesperson Hua Chunying's Regular Press Conference on March 31, 2015|url=http://www.fmprc.gov.cn/mfa_eng/xwfw_665399/s2510_665401/t1250815.shtml|access-date=1 April 2015|agency=.FMPRC|date=31 March 2015}} ROC Finance Minister Chang Sheng-ford announced in April 2016 that Taiwan was not being treated with "dignity" or "respect" during the registration process and Taiwan eventually chose to leave the decision to join to the new president.{{cite news|last1=Chiu|first1=Bernie|last2=Wu|first2=Lilian|title=Taiwan's bid to join AIIB a non-starter: finance minister|url=http://focustaiwan.tw/news/aeco/201604120006.aspx|access-date=12 April 2016|date=12 April 2016|archive-url=https://web.archive.org/web/20160415181838/http://focustaiwan.tw/news/aeco/201604120006.aspx|archive-date=15 April 2016|agency=Central News Agency|via=Taipei Times}} [http://www.taipeitimes.com/News/front/archives/2016/04/13/2003643828 Alt URL]

{{flagicon|United States}} United States – No commitment

• The United States' officials have expressed concerns about whether the AIIB would have high standards of governance, and whether it would have environmental and social safeguards.{{cite news | title=US anger at Britain joining Chinese-led investment bank AIIB | first1=Nicholas |last1=Watt |first2=Paul |last2=Lewis |first3=Tania |last3=Branigan | date=15 March 2015 | work=The Guardian | url=https://www.theguardian.com/us-news/2015/mar/13/white-house-pointedly-asks-uk-to-use-its-voice-as-part-of-chinese-led-bank |access-date=2 April 2015}} The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,{{cite web|url=http://www.ft.com/intl/cms/s/0/0655b342-cc29-11e4-beca-00144feab7de.html?ftcamp=crm/email/2015317/nbe/USMorningHeadlines/product&siteedition=intl|title=Europeans defy US to join China-led development bank|work=Financial Times|date=16 March 2015|quote=Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.}} and expressed disappointment when others, such as Britain, joined.{{cite news |date=19 March 2015 |title=The infrastructure gap |newspaper=The Economist |url=https://www.economist.com/news/asia/21646740-development-finance-helps-china-win-friends-and-influence-american-allies-infrastructure-gap |access-date=21 March 2015}} The US' opposition to the AIIB, as well as its attempt to dissuade allies from joining was seen as a manifestation of a multifaceted containment strategy.{{cite web |url=https://www.brookings.edu/articles/the-aiib-and-the-one-belt-one-road/ |title=The AIIB and the ‘One Belt, One Road’ |website=Brookings |date=2015 |first=David |last=Dollar }}

{{flagicon|Japan}} Japan – "Under Consideration" / No commitment

• Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.{{cite web|title=Japan denies plan to join China-led development bank|url=https://news.yahoo.com/japan-denies-plan-join-china-led-development-bank-041742313--finance.html|website=Yahoo!|agency=Agence France-Presse|access-date=31 March 2015}} Japanese Finance Minister Tarō Asō previously indicated interest in joining the AIIB, but later switched his stance. Yoshihide Suga, Japan's Cabinet Secretary, told the public that Japan was still seeking China's full explanation of the AIIB as he stated, "As of today, Japan will not join AIIB and a clear explanation has not been received from China" and "Japan is dubious about whether (the AIIB) would be properly governed or whether it would damage other creditors". He also stated that Japan is no longer considering whether or not to join the bank. The Japanese Government Spokesman also announced that Japan would not join the AIIB. Japanese prime minister Shinzō Abe also added that Japan does not need to join the bank.{{cite web|title=Taiwan to join China-led regional bank, Japan says not now|url=https://news.yahoo.com/japan-not-currently-planning-join-china-led-bank-043535443.html|website=Yahoo!|publisher=Elaine Kurtenbach|access-date=31 March 2015}} But two years later, in May 2017, Shinzō Abe said joining the AIIB, created in part to fund the initiative, could be an option if governance questions were resolved.{{cite web|title=Abe, Nikai say Japan could consider joining AIIB|url=https://japantoday.com/category/politics/Abe-Nikai-say-Japan-could-consider-joining-AIIB|website=Japan Today|date=16 May 2017 |access-date=18 May 2017}} Toshihiro Nikai, secretary-general of the ruling party Liberal Democratic Party, suggested joining the AIIB.{{cite news|title=Japan's ruling party heavyweight signals readiness to join AIIB-Nikkei|url=https://www.reuters.com/article/china-silkroad-japan-idUSL4N1IH5ZP|newspaper=Reuters|access-date=18 May 2017|date=15 May 2017}}

The Authorized Capital Stock of the bank is $100 billion (US dollars), divided into 1 million shares of $100,000 each.{{Cite book |last=Lin |first=Shuanglin |title=China's Public Finance: Reforms, Challenges, and Options |date= |publisher=Cambridge University Press |year=2022 |isbn=978-1-009-09902-8 |edition= |location=New York, NY}}{{Rp|page=222}} Twenty percent are paid-in shares (and thus have to be transferred to the bank), and 80% are callable shares. The allocated shares are based on the size of each member country's economy (calculated using GDP Nominal (60%) and GDP PPP (40%)) and whether they are an Asian or Non-Asian Member. The total number of shares will determine the fraction of authorized capital in the bank.{{cite web |access-date=21 July 2015 |work=Asian Infrastructure Investment Bank |url=http://www.aiibank.org/uploadfile/2015/0629/20150629094900288.pdf |title=Asian Infrastructure Investment Bank – Articles of Agreement |archive-url=https://web.archive.org/web/20150714044746/http://www.aiibank.org/uploadfile/2015/0629/20150629094900288.pdf |archive-date=14 July 2015 |url-status=dead }}{{cite web |url= http://www.scmp.com/news/china/diplomacy-defence/article/1829342/aiib-deal-seals-chinas-big-stake-new-lender |title=China to have 30 per cent stake, veto power under AIIB deal |date=29 June 2015 |work=South China Morning Post}}{{Cite web|url=https://www.scmp.com/sites/default/files/styles/486w/public/2015/06|title=China to have 30 per cent stake, veto power under AIIB deal}}"[https://www.scmp.com/sites/default/files/styles/486w/public/2015/06/30/aiib_initial_subscriptions_countries_with_1_per_cent_or_more_shares_per_cent_of_shares_per_cent_of_votes_chartbuilder_1.png?itok=Kgh5X5pQ China to have 30 per cent stake, veto power under AIIB deal]". Of the prospective founding members, three states decided not to subscribe to all allocated shares: Malaysia, Portugal, and Singapore,{{cite web |title=33625 Nr. 179, verslag van een schriftelijk overleg |url= https://zoek.officielebekendmakingen.nl/kst-580718 |date=14 September 2015 |work= OfficieleBekendmakingen.nl |language=nl}} resulting in 98% of available shares being subscribed.

Three categories of votes exist: basic votes, share votes and Founding Member votes. The basic votes are equal for all members and constitute 12% of the total votes, while the share votes are equal to the number of shares. Each Founding Member furthermore gets 600 votes. An overview of the shares, assuming when all 57 Prospective Founding Members have become Founding Members is shown below (values in bold do not depend on the number of members):{{cite web |url= https://www.admin.ch/opc/de/federal-gazette/2015/7331.pdf |work=The Federal Council of Switzerland |language=de |access-date=26 December 2015 |date=11 September 2015 |title=Botschaft über den Beitritt der Schweiz zur Asiatischen Infrastruktur-Investitionsbank |url-status=dead |archive-url=https://web.archive.org/web/20151227083300/https://www.admin.ch/opc/de/federal-gazette/2015/7331.pdf |archive-date=27 December 2015}}

File:Stone with the name of AIIB, Jul 2019.jpg]]

The bank's governance structure is composed of the Board of Governors{{cite news|url=http://news.xinhuanet.com/english/2015-11/04/c_134783780.htm|archive-url=https://web.archive.org/web/20151107045208/http://news.xinhuanet.com/english/2015-11/04/c_134783780.htm|url-status=dead|archive-date=7 November 2015|work=Xinhuanet|title=China's legislature ratifies AIIB agreement|access-date=26 December 2015|date=4 November 2015}} as the top-level and highest decision-making body.{{cite web|url=http://www.aiib.org/html/pagefaq/Key_Provisions/|archive-url=https://web.archive.org/web/20151016002021/http://www.aiib.org/html/pagefaq/Key_Provisions/|url-status=dead|archive-date=16 October 2015|title=purpose, functions and membership|access-date=26 December 2015|work=AIIB}} It is composed of 1 governor for each member state of the bank and in principle meets once a year. The board of directors, composed of 12 governors, each representing one or more member is responsible for daily operations and tasks delegated to it by the board of governors. Nine of those members are from within the Asia-Pacific region and three representing members outside the region.

Of the non-regional directors, 1 constituency is made up of EU member states having the Euro as their currency, and 1 from other European countries.{{cite web|url=https://zoek.officielebekendmakingen.nl/kst-34332-8.html|work=Officiele Bekenmakingen.nl|title=Verdrag betreffende de Aziatische Infrastructuurinvesteringsbank; Beijing, 29 juni 2015; Nr. 8; BRIEF VAN DE MINISTER VAN FINANCIËN|language=nl|date=11 January 2016}}

New members are considered for admission only once a year. An overview of the constituencies is shown below:{{cite web|url=https://www.aiib.org/en/about-aiib/governance/board-directors/index.html|work=AIIB|title=AIIB Governance Board of Directors|access-date=15 July 2018|archive-url=https://web.archive.org/web/20180612141654/https://www.aiib.org/en/about-aiib/governance/board-directors/index.html|archive-date=12 June 2018|url-status=dead}}

The former 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.{{cite news|url=https://www.reuters.com/article/us-china-world-bank-idUSKBN0FD0TU20140708 |title=World Bank welcomes China-led infrastructure bank|work=Reuters|date=8 July 2014}} The World Bank, IMF, and Asian Development bank have all cooperated with the AIIB as a complement to the Bretton Woods institutions and which further increases overall capacity for development funds.{{Cite book |last=Zhao |first=Suisheng |url=https://www.worldcat.org/oclc/1331741429 |title=The dragon roars back : transformational leaders and dynamics of Chinese foreign policy |date=2023 |publisher=Stanford University Press |isbn=978-1-5036-3088-8 |location=Stanford, California |pages=250 |oclc=1331741429 |author-link=Suisheng Zhao}}

Economist C. Fred Bergsten describes the AIIB as "helping meet a clear need for more infrastructure funding throughout Asia (and elsewhere)."{{Cite book |last=Bergsten |first=C. Fred |url=https://www.worldcat.org/oclc/1255691875 |title=The United States vs. China : the quest for global economic leadership |date=2022 |isbn=978-1-5095-4735-7 |location=Cambridge |pages=267 |oclc=1255691875}} He concludes that the AIIB "has adhered to internationally agreed norms and best practices, and is innovating some of its own." Additionally, Bergsten writes that China's role in the AIIB "has clearly met the U.S. request for China to function as a 'responsible stakeholder' in the world economy."

There is no consensus in the United States about the role of the AIIB. John Ikenberry sees the AIIB as part of "China's emerging institutional statecraft,"{{cite news |first1=G. John |last1=Ikenberry |title= China's emerging institutional statecraft: The Asian Infrastructure Investment Bank and the prospects for counter-hegemony |url= https://www.brookings.edu/research/chinas-emerging-institutional-statecraft/ |access-date=10 November 2017 |work= Brookings | date=April 2017}} but argues that it is not clear whether the institution will tie China more deeply into the existing order or become a vehicle to challenge the order. Phillip Lipscy (Stanford University) argues that the United States and Japan should support the AIIB to encourage China's peaceful global leadership and discourage China from pursuing coercive or military options.{{cite news|author1= Phillip Lipscy |title= Who's Afraid of the AIIB: Why the United States Should Support China's Asian Infrastructure Investment Bank |url= https://www.foreignaffairs.com/articles/china/2015-05-07/whos-afraid-aiib |work=Foreign Affairs |date=7 May 2015}} On the other hand, Paola Subacchi (Chatham House) argues that the AIIB represents a threat to US-dominated global governance.{{cite news|author1= Paola Subacchi |title= The AIIB Is a Threat to Global Economic Governance |url= https://foreignpolicy.com/2015/03/31/the-aiib-is-a-threat-to-global-economic-governance-china/ |work=Foreign Policy |date=31 March 2015}}

Think-tanks such as Chatham House, the China Studies Centre at the University of Sydney and the World Pensions Council (WPC) have argued that the successful establishment of a new supranational financial powerhouse headquartered in PRC would be facilitated by the large number of participating developed economies.{{cite news |first1=M. Nicolas J. |last1=Firzli |title= China's Asian Infrastructure Bank and the 'New Great Game'|url= https://www.academia.edu/19535167 |access-date=20 January 2016 |work=Analyse Financière| date=October 2015}}{{cite news|author1= Kerry Brown|title= The UK Shows Leadership, and Strategic Clarity, in Joining AIIB |url= http://www.chathamhouse.org/expert/comment/17261/ |work=Chatham House Asia Programme |date=20 March 2015}} These experts observe that the establishment of the Beijing-based AIIB does not necessitate rivalry, when economic cooperation is possible, and that the decision by the UK to participate advances its own interests even if some of its allies are opposed.

Although the proposed bank declared "AIIB will learn from the best practice in the world and adopt international standards of environmental protection," Oxford scholar of economics and energy policy Yuge Ma has argued that this may be complicated in developing Asian countries.{{cite web|url=https://thediplomat.com/2014/12/the-environmental-implications-of-chinas-new-bank/|author=Yuge Ma|title=The Environmental Implications of China's New Bank|date=5 December 2014|access-date=27 July 2015|work=The Diplomat}}

In June 2023, Bob Pickard, a Canadian national and the global communications director and official spokesperson of AIIB resigned,{{cite news |last1=Griffiths |first1=James |last2=Chase |first2=Steven |title=Ottawa halts participation in China-led development bank |url=https://www.theglobeandmail.com/politics/article-ottawa-launching-review-of-canadas-membership-in-china-led-development/ |access-date=15 June 2023 |work=The Globe and Mail |date=2023-06-15 |location=Toronto |pages=A1,A8}} and fled from China.{{cite news |last1=Chen |first1=Laurie |title=Former Canadian AIIB official says he was 'advised' to flee China after resignation |url=https://globalnews.ca/news/9770347/bob-pickard-aiib-china/ |access-date=15 June 2023 |work=Global News |agency=Reuters |date=2023-06-15}} Pickard said that the AIIB was dominated by Chinese Communist Party (CCP) members who operate as an in-house secret police. He also claimed that all information going to AIIB's president, Jin Liqun, was filtered through those CCP officials, whose offices were the closest to Jin. Pickard went on to state that the AIIB has one of the most toxic cultures imaginable.{{cite web |last=Brewster |first=Murray |title=Asian infrastructure bank can't be reformed unless China changes course, former executive says |url=https://www.cbc.ca/news/politics/asian-infrastructure-investment-bank-china-canada-1.7056058 |publisher=Canadian Broadcasting Corporation |date=11 December 2023}}{{Cite web |last=McDonald |first=Joe |date=2023-06-14 |title=Canadian quits Chinese-founded development bank, complains Communist Party members dominate it |url=https://apnews.com/article/china-asian-investment-bank-canadian-resigns-ad390655ab33bf6df5b98a3886b67bb7 |access-date=2023-06-14 |website=Associated Press |language=en}}{{Cite news |last=Chen |first=Laurie |date=2023-06-14 |title=China-led AIIB's communications chief quits, criticises bank's management |language=en |work=Reuters |url=https://www.reuters.com/business/finance/china-led-aiibs-comms-chief-quits-criticises-banks-management-2023-06-14/ |access-date=2023-06-14}}{{Cite tweet |last=Pickard |first=Bob |user=BobPickard |number=1668871011968663553 |date=2023-06-14 |location=Japan |title=I have tendered my resignation as the global comms chief of @AIIB_Official. As a patriotic Canadian, this was my only course. The Bank is dominated by Communist Party members and also has one of the most toxic cultures imaginable. I don’t believe that my country’s interests are served by its AIIB membership. |access-date=2023-06-14}} Later the same day, Chrystia Freeland, the Deputy Prime Minister of Canada and Finance Minister announced that Canada is freezing ties with the AIIB while carrying out an investigation of the allegations and Canada's involvement in the AIIB.{{cite news |last1=Ljunggren |first1=David |title=Ottawa halts activity with China-led Asian Infrastructure Investment Bank |url=https://globalnews.ca/news/9768236/canada-china-asian-infrastructure-investment-bank/ |access-date=14 June 2023 |work=Global News |agency=Reuters |date=2023-06-14}} In the following day, the AIIB launched an internal investigation and welcomed the Canadian review, but called the allegation "baseless."{{cite web |url=https://www.aiib.org/en/news-events/news/2023/AIIB-Welcomes-Canadian-Review-and-Initiates-Internal-Review-to-Ensure-Transparency.html |title=AIIB Welcomes Canadian Review and Initiates Internal Review to Ensure Transparency |website= Asian Infrastructure Investment Bank |date=15 June 2023 }} In December 2023, the Canadian Finance Ministry announced that it would be expanding its investigation to include "an analysis of AIIB investments, its governance and management frameworks, as well as an examination of whether its environmental and social governance safeguards are effective and sufficient".{{cite web |last=Shakil |first=Ismail |title=Canada expands review of AIIB, freeze in ties to continue indefinitely |url=https://www.nasdaq.com/articles/canada-expands-review-of-aiib-freeze-in-ties-to-continue-indefinitely |publisher=Reuters |date=8 December 2023}}

In the United Kingdom, AIIB faced criticism for having seconded HM Treasury staff. Conservative MP Tim Loughton, who was impacted by a Chinese cyber campaign, called for an audit of the UK's relationship with the AIIB.{{cite web |last=Fenwick |first=Jack |title=UK Treasury staff worked at Chinese bank accused of communist links |url=https://www.bbc.com/news/uk-politics-68665302 |publisher=British Broadcasting Channel |date=26 March 2024}} According to a report by the Intelligence and Security Committee of Parliament, Sir Danny Alexander's appointment as vice-president of the AIIB was partially influenced by the Chinese government, intending to lend credibility to Chinese investments through his name.{{cite web |last=Wintour |first=Patrick |title=David Cameron’s appointment to investment fund ‘part engineered by China’ |url=https://www.theguardian.com/politics/2023/jul/14/david-camerons-appointment-to-investment-fund-part-engineered-by-china |publisher=The Guardian |date=14 July 2023}}

AIIB loans are fully transparent and publicly accessible on AIIB's website.{{Cite book |last=Garlick |first=Jeremy |title=Advantage China: Agent of Change in an Era of Global Disruption |date=2024 |publisher=Bloomsbury Academic |isbn=978-1-350-25231-8}}{{Rp|page=85}}

During 2016, AIIB committed a total of $1.73 billion to nine projects, among which six projects are joint initiatives with other international lenders such as the World Bank and the Asian Development Bank. It had achieved its loan target of $1.2 billion for the first year.{{cite web |title=Approved Projects |publisher=AIIB |url=https://www.aiib.org/en/projects/approved/index.html}}{{cite web |date=26 January 2017 |title=AIIB hits its first-year lending target |work=Nikkei Asia |url=http://asia.nikkei.com/magazine/20170126/Politics-Economy/AIIB-hits-its-first-year-lending-target}}

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{{Commons category|Asian Infrastructure Investment Bank}}

• {{Official website|https://www.aiib.org/}}
• [https://web.archive.org/web/20161019023403/http://i.cfr.org/content/publications/attachments/20150629094900288.pdf Articles of Agreement of the Bank], and [http://www.aiibank.org/uploadfile/2015/0629/20150629094936699.pdf Report on the Articles]

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