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Asian Infrastructure Investment Bank as an instrument for Chinese influence? Supplementary versus remedial multilateralism

Ayse Kaya, Christopher Kilby () and Jonathan Kay

World Development, 2021, vol. 145, issue C

Abstract: Starting even before its founding in 2015, the Asian Infrastructure Investment Bank (AIIB) has attracted controversy. Critics—especially the U.S. administration—claim the bank is an instrument of China intended to advance narrow Chinese interests and thereby undermine U.S. influence globally. But does AIIB lending show any Chinese influence? Analysis on AIIB lending patterns has been scant. Based on AIIB loan data through the end of 2019, our analysis suggests the AIIB is facilitating “remedial multilateralism” for China, whereby countries economically distant from China have privileged access to AIIB loans. This is contrary to expectations from “supplementary multilateralism,” whereby the multilateral setting reinforces existing bilateral ties. The paper advances the notions of supplementary and remedial multilateralism and provides a comprehensive analysis of AIIB loans in the first four years of the institution’s operation. It, thus, contributes to the understanding of how China’s rise is affecting the landscape of multilateral development finance.

Keywords: AIIB; Asian Infrastructure Investment Bank; Development finance; Chinese aid; MDBs; Multilateral development banks (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.worlddev.2021.105531

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