The Asian Infrastructure Investment Bank (AIIB) has been launched by the Chinese President XiJinping on 16 January, 2016The AIIB has a total of 57 members including 37 regional and 20 non-regional prospective foundingmembers. China and India are among the largest shareholders with a 30.34 per cent, 8.52 per cent sharerespectively and their voting shares are calculated at 26.06 per cent and 7.5 per centrespectively. The share of non-Asian countries is restricted to a maximum of 30 per cent.
The AIIB has broad functions, similar to other MDBs. Under its Articles of Agreement, the AIIB’s
functions include:
- promoting public and private investment in the Asia region for development, in particular forinfrastructure and other productive sectors;
- Utilizing the resources at its disposal for financing such development in the region; and
- Encouraging private investment that contributes to economic development in the Asia region, inparticular in infrastructure and other productive sectors, and supplementing private investmentwhen private capital is not available on reasonable terms and conditions.