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AIIB at Three: A Comparative and Institutional Perspective

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  • Natalie Lichtenstein

Abstract

The Asian Infrastructure Investment Bank (AIIB) joined the field of multilateral development banks (MDBs) in 2016 as a US$100 billion international financial institution, providing finance for public and private infrastructure projects in Asia. AIIB has been created with the experience of existing MDBs with an aim of innovating for the future. AIIB's establishment is compared here with the origin stories of major MDBs—all born in a mix of geopolitics and development needs. AIIB's policy and strategy framework has continued to be filled out in its first three years, supporting its approved portfolio of over US$8 billion in 45 investment operations. Innovative features in its otherwise classic MDB governance structure are also in operation, such as AIIB's non‐resident board, streamlined decision‐making and uniquely detailed oversight arrangements. For the future, factors that have affected other MDBs may also affect AIIB. Cycles in the global economic and financial environment and shifts in international relations and geopolitics will have an impact on AIIB's members. Institutional governance and leadership have been another source of uncertainty for some others. Time will tell how well AIIB's unique blend of old and new will enable it to serve its mandate and its clients around the world.

Suggested Citation

  • Natalie Lichtenstein, 2019. "AIIB at Three: A Comparative and Institutional Perspective," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 582-586, November.
    • Handle: RePEc:bla:glopol:v:10:y:2019:i:4:p:582-586
    DOI: 10.1111/1758-5899.12703
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    Cited by:

    1. Hongying Wang, 2021. "Regime Complexity and Complex Foreign Policy: China in International Development Finance Governance," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 69-79, May.
    2. Hai Yang, 2023. "Rhetorical coercion, institutional legitimacy and the creation of the Asian Infrastructure Investment Bank," Global Policy, London School of Economics and Political Science, vol. 14(5), pages 730-741, November.
    3. Benjamin Faude & Michal Parizek, 2021. "Contested multilateralism as credible signaling: how strategic inconsistency can induce cooperation among states," The Review of International Organizations, Springer, vol. 16(4), pages 843-870, October.
    4. Laerte Apolinário Júnior & Felipe Jukemura, 2022. "A comparative analysis of the environmental and social policies of the AIIB and World Bank," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 694-709, November.

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