China’s new Asian Infrastructure Investment Bank (AIIB)
Now this is, a hell of a chess move. You don’t hear a lot about China but when you do, boy they’ve been busy! with Russia building the BRICS Nations and now World Banking, this is huge. Eastern Imperialism against West. This will teach a lot of robs you can’t have it all by stealing, going to learn to share, the new era.
The new China-led bank is expected to challenge the Washington-based World Bank, so the US is increasing pressure on its allies not to join the institution. The US’ concern is that the new investment bank might not have high standards of governance and environmental and social safeguards.
The new bank is expected to challenge the Western dominance of the US-led World Bank and IMF in global infrastructure projects, which experts believe will create healthy competition.
South Korea, Switzerland and Luxembourg were also considering joining the Asian Infrastructure Investment Bank, the Financial Times reported.
Australian Prime Minister Tony Abbott said he would make a final decision on AIIB membership soon. South Korea and other countries are in discussions with China over possible participation.
China’s main regional rival Japan said earlier this month that Asian countries including Japan have until March 31 to decide on becoming AIIB founding members.
“They told us they are considering. Whether Japan will join, we do not know. It is Japan’s own decision,” Chinese Finance Minister Lou Jiwei said, according to the Xinhua news agency.
Nearly 30 countries have confirmed their participation in the AIIB, which is aimed at helping finance infrastructure projects across Asia and is expected to come into being this year.
The AIIB was formally launched by Chinese President Xi Jinping in 2014, and is expected to become a tool of a broader Chinese push for growing international power and economic significance.
Channel “RT TV”