The bank currently has 56 member states while another 24 are prospective members for a total of 80 approved members and was proposed as an initiative by the government of Investment models in india pdf. Articles of Agreement that form the legal basis for the bank.
The proposal for the creation of an “Asian Infrastructure Investment Bank” was first made by the Vice Chairman of the China Center for International Economic Exchanges, a Chinese thinktank, at the Bo’ao Forum in April 2009. The initial context was to make better use of Chinese foreign currency reserves in the wake of the global financial crisis. The initiative was officially launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013. The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests.