Background: The New "Asian Infrastructure Investment Bank"

Organizations ♦ Published: March 27, 2015; 14:00 ♦ (Vindobona)

The Asian Infrastructure Investment Bank (AIIB) is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are regarded as dominated by developed countries like the United States. AIIB is an international financial institution proposed by the government of China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region. Austria recently said, that it is "positive" and that it "now checks for a potential engagement".

Austria is going to support the new Asian Infrastructure Investment Bank / Picture: © The Book Archive

The first news reports about the AIIB appeared in October 2013.

The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests.