Incorporation and governance of the Asian Infrastructure Investment Bank: Alternative development finance?

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Chapter 5 in Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific, 2021, pp 112-152 from Edward Elgar Publishing

Abstract: Chapter Five analyzes AIIB’s establishment, shareholding structure, voting rules, management, and fund governance. AIIB utilizes a three-tier governance structure, including the Board of Governors, the Board of Directors, and the bank management. Particularly, China has veto power over material decisions. Unlike other MDBs, the AIIB does not have a residential Board of Directors. Many AIIB member states thus have concerns over issues of compliance, corruption, transparency, and independence of AIIB. Compared with established development institutions such as IADB, EBRD, and ADB, which follow the multi-fold cooperative mechanism of “Partnership, Emulation and Coordination†in development finance, AIIB and its affiliates (incl. New Development Bank, Silk Road Fund, China’s three policy banks and state-owned commercial banks) appear to construct an alternative IFI system (shadow system) for financing OBOR projects and thus reshaping the global development architecture. Through its alternative development finance, China tries to set up its own international rules and norms.

Keywords: Asian Studies; Development Studies; Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2021
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