World Bank 2.0: China sets up rival US$50 billion Asian infrastructure bank (AIIB)
TomoNews US
2015-04-14
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The Asian Infrastructure Investment Bank, an international financial institution proposed by China, is largely seen as China’s answer to the International Monetary Fund, the World Bank and the Japanese-dominated Asian Development Bank.
The Asian Infrastructure Investment Bank’s 21 founding members officially recognized the bank in October 2014, and have raised US$50 billion so far in capital. The AIIB’s existing funds are dwarfed by those held in established banks such as the International Monetary Fund, the World Bank, and the Asian Development Bank. In fact, the AIIB’s current size is one-third that of the Asian Development Bank’s and has one-fifth the cash the IMF can draw on immediately.
The new institution is seen as China’s answer to the other Western-dominated banks whose largest shareholders are predominantly the United States, European Union countries and Japan. In comparison, the AIIB’s main shareholders so far are China, India, Qatar and Kuwait.
According to the Asian Development Bank, Asia’s infrastructure investment needs could reach US$750 billion in the next decade, an amount the Asian Development Bank can’t finance on its own. The AIIB could close the current gap between supply and demand. The AIIB’s supporters say funds will also go toward building cross-border infrastructure that will better bind the region together.
American officials believe China is using the bank to increase its soft power in Asia and have pressured U.S. allies to stay out of the AIIB.
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The Asian Infrastructure Investment Bank’s 21 founding members officially recognized the bank in October 2014, and have raised US$50 billion so far in capital. The AIIB’s existing funds are dwarfed by those held in established banks such as the International Monetary Fund, the World Bank, and the Asian Development Bank. In fact, the AIIB’s current size is one-third that of the Asian Development Bank’s and has one-fifth the cash the IMF can draw on immediately.
The new institution is seen as China’s answer to the other Western-dominated banks whose largest shareholders are predominantly the United States, European Union countries and Japan. In comparison, the AIIB’s main shareholders so far are China, India, Qatar and Kuwait.
According to the Asian Development Bank, Asia’s infrastructure investment needs could reach US$750 billion in the next decade, an amount the Asian Development Bank can’t finance on its own. The AIIB could close the current gap between supply and demand. The AIIB’s supporters say funds will also go toward building cross-border infrastructure that will better bind the region together.
American officials believe China is using the bank to increase its soft power in Asia and have pressured U.S. allies to stay out of the AIIB.
-------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
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http://www.youtube.com/user/TomoNewsUS
Subscribe to stay updated on all the top stories:
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