#Asian #Infrastructure #Investment #Bank.

Background
In October 2013, at the Asia-Pacific #Economic #Cooperation #Summit in Bali, Indonesia, China proposed creating a new multilateral development bank, the Asian Infrastructure Investment Bank (#AIIB). As its name suggests, the Bank’s stated purpose is to provide #financing for #infrastructure needs throughout #Asia. The AIIB has also been active in the response to the #Coronavirus #Disease 2019 (#COVID-19) #pandemic and is providing up to $13 billion in support to member countries to support their pandemic responses. The AIIB’s Crisis Recovery Facility was created in April 2020 and is supporting various #health sector and #economic #resilience #projects. The AIIB also notes that the #crisis facility can be used to shore up #liquidity for other #China #financed #infrastructure #investments.

As the first China-led multilateral development bank (#MDB), the AIIB presents several policy issues including the Bank’s governance and operational practices, the U.S. role and possible participation, and the relationship between the AIIB and the existing MDBs. Some observers have also raised concerns about the transparency and governance of China-funded #development #projects. They argue that the AIIB may undermine decades of effort by the United States to improve governance, environmental, and social standards; these standards have been achieved through conditions attached to #World #Bank, #Asian #Development #Bank (#ADB), and other MDB #loans. Other analysts note the AIIB’s track record of facilitating projects and implementing robust safeguards and policies during its five years in existence and argue that the time may have come for the United States to consider joining the Bank.

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Background,
One Belt, One Road,
Membership and Organization,
Issues for Congress,
China’s Economic Diplomacy,
Transparency and Governance Concerns,
Commercial Implications for U.S. Firms,

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