In 2020 the AIIB’s funding commitments on the BRI and other projects totalled just under $10bn. Overall investments funnelled into the BRI were $47bn, according to the International Institute of Green Finance. Funding also comes from China’s state-owned banks and sovereign wealth funds such as the Silk Road Fund.
The BRI now encompasses almost 3,000 projects spanning Asia, Russia, Africa, Europe and the Americas, valued at $3.87 trillion.
Still the AIIB bank has been controversial since its inception with the US refusing to be involved in a project it felt could undermine other global institutions, and Japan also steering clear of membership.
Britain was encouraged to join by Sir Danny, who has admitted he was a cheerleader for the decision to become a member.
In a BBC interview in 2019, he said: “Having been very involved in the British decision to join, it was one of the last things that the Government I was part of did. I was one of the champions of that decision.
“To then actually come and be a part of setting it up and making sure it operates in the right way and that the standards are high is, for me, fascinating.”
Sir Danny, who was been contacted for comment, joined the board of AIIB after he left the Government in 2015.
While Britain holds just under 3pc of voting power, China has a 26.6pc share after ploughing $29.8bn into AIIB.
It means Beijing’s voting power is higher than the 15pc held by the US at the World Bank and it comparatively has more control over the appointment of its bank’s president. China also has the ability to veto decisions at the AIIB and can suspend a member – giving the Communist Power control.
But as scrutiny intensifies over China’s alleged human rights abuses in Xinjiang province – accusations Beijing denies – as well as the Asian superpower’s influence over technology and its growing numbers of foreign takeovers, there are concerns over Beijing’s dominance and what that means for national security in countries including the UK and US. Britain recently launched powers to assess takeovers to prevent ‘hostile’ powers undermining national security.
Against that backdrop, Britain’s investment in the AIIB is facing fresh questions.
