The Asian Infrastructure Investment Bank

(Photo : Chinese Premier Li Keqiang poses for group photos with representatives from founding member countries before the founding conference of the Asian Infrastructure Investment Bank (AIIB) council in Beijing, capital of China, Jan. 16, 2016.)

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank (MDB) focusing on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics, etc.

AIIB will complement and cooperate with the existing MDBs to jointly address the daunting infrastructure needs in Asia and welcomes all regional and non-regional countries, developing and developed countries, that seek to contribute to Asian infrastructure development and regional connectivity.

(The operational strategy and priority areas of engagement may be revised or further refined by its governing boards in the future as circumstances may warrant.)

History

Chinese President Xi Jinping and Premier Li Keqiang announced the AIIB initiative during their respective visits to Southeast Asian countries in October 2013.

One year later, representatives from 22 countries signed the October 2014 Memorandum of Understanding (MOU) to establish the AIIB and Beijing was selected to host Bank headquarters. Mr. Jin Liqun was appointed as the Secretary General of the Multilateral Interim Secretariat.

The Prospective Founding Members (PFMs) established the Chief Negotiators Meeting (CNM) as the forum for PFMs to negotiate and agree on AIIB's Articles of Agreement (the Articles) and other issues related to the Bank's establishment.

By the deadline of March 31st for submission of membership applications, the Prospective Founding Members had increased to 57. The final text of the Articles was adopted by the 5th CNM on May 22, 2015 in Singapore. The Articles were signed by all 57 PFMs between June 29, 2015 and December 31, 2015.

The Articles entered into force on December 25, 2015, when instruments of ratification had been deposited by 17 Signatories with initial capital subscriptions totaling 50.1 percent of the shares allocated. Remaining Signatories that have not yet deposited their instruments of ratification are expected to do so by December 31, 2016.

The following table shows the Signing and Ratification Status of the AOA of the AIIB: