#India along with 20 other countries sign an agreement to become founding members of Asian Infrastructure Investment Bank (AIIB)
— Doordarshan News (@DDNewsLive) October 24, 2014
China President Xi Jinping was quoted by Reuters as saying that the new bank would use the best practices of the World Bank and the ADB.
"We have also to learn from the World Bank and the Asian Development Bank and other existing multilateral development institutions in their good practices and useful experiences," Jinping added.
The bank is expected to start with an authorized capital of $50 billion and will boost infrastructure financing in the region. It will rival the Asian Development Bank (ADB), where Japan and the US have larger shareholding than China, which has emerged as a major global force in recent years.The countries that have expressed interest to join include Mongolia, Uzbekistan, Kazakhstan, Sri Lanka, Pakistan, Nepal, Bangladesh, Oman, Kuwait, Qatar and all of the Association of Southeast Asian Nations except Indonesia.
