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Monday, March 30, 2015

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

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