Ten years on, AIIB is reshaping inclusive growth in a multipolar world

Editor's note: Matteo Giovannini, a special commentator on current affairs for CGTN, is a finance professional at the Industrial and Commercial Bank of China, a Non-Resident Associate Fellow at the Center for China and Globalization (CCG) and a member of the Global Young Leaders Dialogue. The article reflects the author's views and not necessarily those of CGTN.

On January 16, 2016, the Asian Infrastructure Investment Bank (AIIB) officially opened its doors, marking the operational launch of a new multilateral development bank at a moment of profound change in the global economic landscape. A decade after its establishment, the AIIB has grown from 57 founding members to 110 members worldwide, representing 81 percent of the global population and 65 percent of global GDP. This expansion is more than a numerical milestone and reflects the bank's rising international credibility and the enduring global demand for inclusive, rules-based development finance.

The first decade of the AIIB coincided with a period of mounting global challenges. Infrastructure gaps remain vast, particularly in emerging and developing economies, where inadequate transport, energy, digital, and water systems continue to constrain growth, productivity, and social mobility. At the same time, the world has experienced heightened geopolitical tensions, repeated supply chain disruptions, and increasing skepticism toward globalization. Against this backdrop, the AIIB's steady growth underscores a shared recognition among diverse economies that development, connectivity, and sustainability are collective interests rather than zero-sum pursuits.

Several factors help explain the AIIB's expanding membership and growing recognition. First is its clear and focused mandate. By concentrating on infrastructure and productive sectors, the AIIB has addressed one of the most persistent bottlenecks to long-term development. Since its inception, the bank has approved more than 300 projects and mobilized over $60 billion in financing, catalyzing more than $200 billion in total investment across transportation, energy, healthcare, water supply, and other critical sectors. These investments are not abstract financial flows but translate into roads that connect markets, power grids that enable industrialization, hospitals that strengthen public health systems, and water infrastructure that improves daily life.

Second, the AIIB has distinguished itself through a governance model that emphasizes efficiency, transparency, and multilateralism. From the outset, the bank committed to being "lean, clean, and green." Streamlined decision-making processes, strong environmental and social safeguards, and a professional, international staff have helped the AIIB earn the confidence of borrowing members and non-regional partners alike. The participation of many advanced economies reflects a broader acknowledgment that well-governed new institutions can complement, rather than undermine, the existing multilateral development architecture.

Third, partnership has been central to the AIIB's success. A significant share of its projects has been co-financed with other multilateral development banks and international financial institutions. This collaborative approach has reduced duplication, aligned standards, and amplified development impact. In practice, the AIIB has shown that effective multilateralism is not about institutional rivalry, but about pooling expertise, sharing risk, and delivering results more efficiently for member countries.

As the AIIB enters its second decade, the question is not only what it has achieved, but how it can further contribute to a more equitable and orderly multipolar world. Multipolarity, in this sense, does not imply fragmentation or bloc-based development. Rather, it points to a global system in which multiple centers of growth and decision-making coexist within a framework of shared rules, mutual respect, and pragmatic cooperation. Development finance institutions such as the AIIB have a unique role to play in anchoring this vision.

One priority is deepening support for sustainable infrastructure. Climate change, energy transition, and resilience are no longer peripheral concerns but central to economic stability and social well-being. Developing economies, in particular, face the dual challenge of expanding infrastructure to support growth while adapting to climate risks and meeting emissions targets. By scaling up financing for renewable energy, climate-resilient transport, sustainable urban development, and disaster preparedness, the AIIB can help bridge the gap between development needs and global climate ambitions.

Another key area is inclusive globalization. Infrastructure can be a powerful driver of inclusion when it reduces regional disparities, integrates small and medium-sized enterprises into value chains, and improves access to essential services such as healthcare, education, and clean energy. By aligning projects closely with national development strategies and local priorities, the AIIB can ensure that globalization delivers tangible benefits to broader segments of society, not only to capital-rich regions or sectors.

Finally, the AIIB can continue to serve as a bridge between different economic systems and development philosophies. Its diverse membership, spanning Asia, Europe, Africa, Latin America, and beyond, positions the bank as a platform for dialogue and cooperation at a time when trust in global institutions is under strain. By upholding high standards, strengthening partnerships, and remaining focused on development outcomes, the AIIB can help reinforce confidence in multilateral solutions.

Ten years after its opening, the AIIB stands as a symbol of what pragmatic, inclusive multilateralism can achieve. Its next decade will be shaped not only by the scale of its financing, but by its ability to help shape a global order in which development opportunities are more evenly shared and globalization remains a force for common progress.

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