Asian Infrastructure Investment Bank (AIIB)

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution which targets infrastructural development in the Asia Pacific. Promoted by the government of China, the bank is backed by 37 regional and 20 non-regional Prospective Founding Members who have unanimously signed the Article of Agreement upon which the bank would function. The AIIB is supposed to lend  around $10 billion to $15 billion per annum for at least five to six years since its inception.The establishment of the AIIB has solidified the relations between the China and the Europe in the form of ties between the AIIB and the European Bank for Reconstruction and Development(EBRD).The EBRD was created to boost infrastructure in Eastern Europe. Interesting fact about the AIIB is that despite not having the backing of the US most European countries have joined AIIB. China has decided to run the bank in tandem with the international banking regulations and might use European expertise. Most importantly, AIIB aims to promote the Eurasian connectivity vision in the form of China’s Belt and Road (B&R) plans.