The Asian Infrastructure Investment Bank

Abstract

Abstract The chapter tackles three key questions: why the Asian Infrastructure Investment Bank (AIIB) was established; what is the likely evolution of the AIIB’s mandate; how to compare the AIIB’s infrastructure financing with that of the ADB. The author finds that, first, China undertook the leadership to establish the AIIB, not only because the existing US-led MDB and RDB—notably the World Bank—failed to provide sufficient infrastructure financing, but also, more importantly, China was impatient with the slow progress in the governance reform of the existing MDB and RDB. Second, the core mandate of the AIIB is unlikely to shift in the foreseeable future, notably because the Bank was set up to redress the problem of the proliferating development agenda in the existing MDB. Third, compared to the ADB, the AIIB has a much clearer focus on infrastructure financing with a rapidly growing membership and a non-resident Board. The AIIB’s operations will expand quickly.

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