The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with the goal of improving economic and social performance in Asia. [4] The Bank currently has 103 members and 21 potential members from around the world. [1] The Bank began operations after the agreement came into force on 25 December 2015, following the conclusion of ratification agreements concluded by ten Member States, which held a total of 50% of the first subscription of the authorized capital stock. [5] authorize the conclusion of general cooperation agreements with the authorities of African countries that have not yet achieved independent status, or general cooperation agreements with African governments that are not yet members of the Bank, as well as with other governments and other international organizations; In the event of a dispute between the bank and a former member or between the bank and a member after the bank`s activities have ceased, this dispute is referred to an arbitration tribunal of three arbitrators. Each party appoints an arbitrator and the two arbitrators so appointed appoint the third, who is the president. If, within 30 days of the arbitration application, a party has not appointed an arbitrator or if the third arbitrator has not been appointed within a fortnight of the appointment of two arbitrators, one of the parties may ask the President of the International Court of Justice or any other authority imposed by the regulations adopted by the Governing Council. to appoint an arbitrator. The procedure is set by the arbitrators. However, the third arbitrator has full authority to resolve all procedural issues in the event of disagreement with them. A majority of arbitrators is sufficient to make a final and binding decision for the parties. Loans to the Bank under this article are paid by the Bank at an interest rate equal to the average interest rate paid by the Bank for its special fund borrowings for one year prior to the conclusion of the loan agreement.
This rate cannot exceed a maximum rate set from time to time by the Governing Council. Explicitly state the currency in which all payments to the Bank are made under the contract in question. However, at the borrower`s choice, these payments can still be made in convertible currency or, subject to the bank`s agreement, in another currency; The agreement came into force on 25 December 2015.