Four things you need to know about ‘China’s World Bank’

In fact, many commentators say the AIIB is less about anything wrong with the ADB or the World Bank and more about China’s efforts to increase its voice in global development and financial governance, and even to reshape the financial world order itself.

With Tuesday marking the deadline for nations wishing to join as “founding members” of the new multinational lender, here are the four things you need know about the AIIB…

What’s the AIIB for?

Officially established in Beijing in October 2014, the AIIB’s goals involve boosting regional financial cooperation and funding infrastructure projects in Asia — everything from roads and airports to telecom towers and low-income housing.

Who is involved?

Ahead of Tuesday’s founding-member deadline, more than 40 countries had reportedly joined the AIIB, with the notable exceptions of the U.S. and Japan.

Where is the money coming from?

According to the October memorandum of understanding, the AIIB is targeted to start with authorized registered capital of $100 billion, half of which would be contributed by China.

How the AIIB fits into China’s big picture

Jin, whose remarks were quoted in the Southern Metropolis Daily over the weekend, also said the new bank fits well with China’s broader goals of projecting an image of a responsible world power, pushing forward the internationalization of the yuan and increasing China’s input in the global financial system.

Full article: Four things you need to know about ‘China’s World Bank’ (MarketWatch)

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