The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that provides financing for infrastructure projects in Asia. Like other development banks, its mission is to improve social and economic outcomes in its region, Asia, and beyond. It has 106 member countries and $100 billion of capitalization, as of 2023.
The AIIB was proposed by Chinese leader Xi Jinping to provide developing countries with an alternative to Western lending institutions, like the World Bank and the International Monetary Fund. It began operations in January 2016.
Iran is one of the shareholders and founding members of the bank.
Egypt will host the 8th annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25 September, according to the Egyptian Minister of Finance, Mohamed Maait. This is the first time AIIB has held its annual meetings in Africa.