China Just Made A Huge Move On Christmas! AIIB Now Formally Established

December 29, 2015 in Economy, News by RBN Staff

Published on Dec 25, 2015

The Asian Infrastructure Investment Bank (AIIB) has been formally established
It will be operational once its board of directors and executive council have met for the first time at an opening ceremony scheduled for January 16-18, the ministry of finance said.
The China-backed Asian Infrastructure Investment Bank (AIIB), viewed by some as a rival to the World Bank and Asian Development Bank, was formally established on Friday, according to a statement issued by Beijing.
The United States and Japan – the world’s largest and third-largest economies, respectively – have notably declined to join the bank, which is expected to begin operations early next year, though others such as Australia, Germany and Britain will take part.………