Delegates from 57 countries are getting together in China for the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank.
Membership info :
- The UK, Germany, Australia and South Korea are among the founding members
- Japan and the US oppose the AIIB
- Most Asian countries and countries from the Middle East and Latin America have joined
- China will hold 30.34% stake in the bank thereby having a 26.06% of the voting rights
- India will be the second-biggest shareholder with a possible 10-15% stake
- Russia and Germany will make up the third and fourth biggest member stakes
The AIIB, which was created in October 2014 by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.