China-led AIIB bank holds signing ceremony

Risingbd Desk: A signing ceremony for establishing of the Asian Infrastructure Investment Bank (AIIB) has been held in China.

The new international financial institution is set to rival the World Bank (WB) and Asian Development Bank (ADB).

Delegates from 50 member countries signed articles that determine each member`s share and the bank`s initial capital.

According to the report the UK, Germany, Australia and South Korea are among the founding members of the newly founded bank in the region while Japan and the US, which oppose the AIIB, are the most prominent countries not to join.

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.

Agencies

risingbd/ June 29, 2015/ Mahfuz/ Augustin Sujan