47 Countries to Join China-Led Development Bank

Wednesday, April 1, 2015
By Paul Martin

SputnikNews.com
01.04.2015

The number of countries applying to be founding members of the Asian Infrastructure Investment Bank (AIIB) rose to 46 by the Tuesday deadline.

The AIIB is a multilateral development bank proposed by China to provide financing to infrastructure projects in the Asia region.

The soaring participation reflects China’s growing international clout and many countries’ desire for a more inclusive, balanced and mutually beneficial international economic order, Xinhua news agency reported.

The growing infrastructure demand in cash-strapped Asian countries will necessitate the need for more than $700 billion each year by 2020.

More countries are urging Washington to approve IMF quota reforms to allow a better balance of power, but previous attempts to give greater weight to rising states have stalled out of national interests.

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