The AIIB, which will have billions of dollars to lend, has been viewed by some as a rival to the WB and ADB
"The 57 founding member countries of the China-led Asian Infrastructure Investment Bank began signing articles of association setting up the new institution on Monday (Jun 29)."
"The AIIB, which will have billions of dollars to lend, is expected to go into operation later this year. It has been viewed by some as a rival to the World Bank and Asian Development Bank, and the United States and Japan - the world's largest and third-largest economies, respectively - notably have declined to join."
ChannelNews Asia link:
57 countries hold signing ceremony to set up China-led AIIB
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