Which bank began operations in 2016 to finance infrastructure and development in Asia?

The Asian Infrastructure Investment Bank began operations in 2016 to finance infrastructure and development in Asia.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank headquartered in Beijing. Its articles of agreement entered into force on 25 December 2015, and the bank formally began operations in January 2016. It was established to support infrastructure and other productive sectors across Asia.

The AIIB was proposed by China in 2013 and developed with participation from founding members around the world. Its creation reflected the large infrastructure-financing needs of Asian economies, including transport, energy, water, telecommunications, and urban development.

The AIIB is often confused with the Asian Development Bank, which was founded in 1966 and is headquartered in Manila. The two institutions are separate, although both finance development projects in the region. The AIIB also differs from the New Development Bank, created by the BRICS countries and headquartered in Shanghai.