China’s AIIB attracts 47 global members to challenge for opportunities

China's new banking initiative has substantial funding (photo: dpa)
China's new banking initiative has substantial funding (photo: dpa)

China is leading a new initiative to compete against the IMF and the World Bank which seem to have outgrown their original creation 71 years ago. The Asian Infrastructure Investment Bank - a minnow in finance compared with the World Bank - has had 47 countries applying to join, including major global economies, and will target financial help for infrastructure.

<i>Criticism of the International Monetary Fund and the World Bank is slowly subsiding, not because they have improved, but because a large part of the world believes there is a better alternative - the Asian Infrastructure Investment Bank. It was launched by the Chinese in October 2013 and is attracting worldwide support...

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