China Launches New World Bank Rival

Deus Nexus

Reposted from: RT Business

Chinese President Xi Jinping (C) shows the way to the guests of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014 (AFP Photo / Takaki Yajima)

Chinese President Xi Jinping (C) shows the way to the guests of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014 (AFP Photo / Takaki Yajima)

China and India are backing a 21 country $100 billion Asian Infrastructure Investment Bank (AIIB) to challenge to the World Bank and Asian Development Bank.

Memorandum of understanding were signed with 21 Asian countries in Beijing Friday. Australia, Indonesia and South Korea were absent following hidden pressure from Washington.China and India are backing a 21 country $100 billion Asian Infrastructure Investment Bank (AIIB) to challenge to the World Bank and Asian Development Bank.

The development bank was proposed a year ago by Chinese President Xi Jinping, and is to offer financing for infrastructure projects in underdeveloped Asian countries.

Headquartered in Beijing, former chairman of the China International Capital Corp investment…

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