The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. It was officially established on December 25, 2015, with its headquarters located in Beijing, China. The bank’s primary focus is to foster sustainable economic development, create wealth, and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
History
The concept of AIIB was first proposed by Chinese President Xi Jinping during his visit to Southeast Asian countries in October 2013. The initiative gained support from various countries, and on October 24, 2014, 21 Asian countries signed a Memorandum of Understanding (MOU) to establish the AIIB. The bank officially opened for business on January 16, 2016, with 57 founding member countries.