In June 2015, the creation of the Asian Infrastructure Investment Bank (AIIB) was agreed to by representatives of 50 countries in Beijing, China. The Bank started operating in January 2016 and its first four loans – totaling USD 509 million – were approved for Bangladesh, Indonesia, Pakistan, and Tajikistan. Moreover, a location in Beijing was chosen as the headquarters of this new multilateral banking organization.
The AIIB started with an initial capital of USD 100 billion. In order to keep things in perspective, the sum is roughly equivalent to Ecuador’s GDP. So far, it has approved projects related to hydropower, energy, motorways, tourism, dams, pipelines, and ports, amongst others.
This venture has captured considerable interest. For instance, some economists foresee the AIIB becoming a formidable competitor of the World Bank and the International Monetary Fund, entities established within the framework of the Bretton Woods system during the aftermath of World War Two, and whose governance has been historically controlled by Atlanticist powers ever since. In fact, this reality still persists in the early 21st century. However, that is hardly surprising if one considers that – more often than not – intergovernmental institutions reflect the interests of their creators.
Source: Geopolitical Monitor - https://www.geopoliticalmonitor.com/geopolitics-and-the-asian-infrastructure-investment-bank56/