Asian Infrastructure Investment Bank (CRS Report for Congress)
| Release Date |
Revised May 4, 2023 |
| Report Number |
IF10154 |
| Report Type |
In Focus |
| Authors |
Martin A. Weiss |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
On October 24, 2014, China launched a new development
bank, the Asian Infrastructure Investment Bank (AIIB),
posing a challenge to U.S. policymakers. Chinese President
Xi Jinping has said that the bank would “promote
interconnectivity and economic integration in the region.”
and “cooperate with existing multilateral development
banks,” including the World Bank and the Asian
Development Bank (ADB).
The ADB estimates Asia’s total infrastructure investment
needs at $8 trillion between now and 2020. This sum is
substantially greater than any individual country or existing
multilateral development bank (MDB) can provide.
Collectively, existing MDBs currently provide around $130
billion of annual infrastructure financing. Addressing
Asia’s large infrastructure gap will likely require
mobilizing public and private sources of financing, as well
as new sources of long-term development finance.
However, the creation of the AIIB, the proposed Bank
raises many 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, among others. Some observers have raised
concerns about the transparency and governance of Chinafunded
development projects and see the AIIB proposal
potentially undermining decades of efforts by the United
States and others to improve governance and environmental
and social standards. An additional possible U.S. concern is
the emergence of Chinese-led regional economic
institutions, such as the AIIB, in which the United States
may have little influence.
