Asian Infrastructure Investment Bank (AIIB) may rival the World Bank’s influence
Ever since China established the AIIB at the end of 2014, it has been viewed as a possible competitor to the World Bank (whose headquaters are in Washington and which is fundamentally led by the US). The AIIB will perform a similar function, providing loans to developing countries, specifically in Asia, for infrastructure projects.
Many other countries are applying to have a role in the AIIB, including Singapore, India, South Korea and Britain. Even Japan and Australia are considering joining. The AIIB can be viewed as a part of the wider “new Silk Road” initiative by China to deepen trade and investment both in the rest of Asia and the wider world.