Founding of Asian Infrastructure Investment Bank

The Asian Infrastructure Investment Bank is a multilateral development bank proposed by China to finance roads, energy, ports and other infrastructure in Asia and beyond. Representatives of about twenty countries signed a memorandum in Beijing to establish it, and the bank formally opened in Beijing in early 2016 after its articles of agreement entered into force. Several Western countries, including the United Kingdom, Germany, France and Italy, joined as founding members despite initial reservations from the United States, which stayed out together with Japan. China is the largest shareholder, with the biggest voting share, and membership has since grown to more than a hundred countries. Supporters see the bank as a complement to the World Bank and the Asian Development Bank, while critics have worried about Chinese influence over its lending.

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