The Asian Infrastructure Investment Bank treading the middle path: joining the ranks of MDBs, but with Chinese Characteristics
The Asian Infrastructure Investment Bank treading the middle path: joining the ranks of MDBs, but with Chinese Characteristics
DOI:
https://doi.org/10.5752/P.2317-773X.2019v7n3p103-120Keywords:
Asian Investment Bank in Infrastructure (AIIB), Development Banks, Identity of Multilateral Institutions, China’s Foreign Economic PoliciesAbstract
In June 2016 the first project of the AIIB was approved and some experts’ concern is if this new institution can be flexible with respect to the conditions of the loans and safeguards, arguing that the creators of this bank lack enough experience to maintain high standards established by the other multilateral banks. In contrast, other specialists point out that China’s participation in financing at an international level is nothing new. Over the past decade, China has allowed state development banks to grant non-concessional loans. This article analyzes both approaches and contrasts them with a comparative analysis of the design of the regional development banks and the new multilateral bank led by China. In addition, it analyzes the orientation of the credit policies and safeguards of the first 21 projects approved by AIIB until 2017. The new bank is treading the middle path: on the one hand, joining the ranks of the main multilateral banks, but at the same time, trying to be an institution with a south-south vision: agile, respecting the internal policies of each country and focused on the niche of infrastructure projects.
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