Asian finance ministers sign a Memorandum of Understanding for the AIIB

Twenty-two Asian countries officially signed a Memorandum of Understanding to establish the Asian Infrastructure Investment Bank (AIIB). It will start operations in 2015 with its centre of operations in Beijing, and the plans for the new bank will be to fund the construction of roads, railways, power plants and telecommunications networks in Asia.

Asian finance ministers sign a Memorandum of Understanding for the AIIB

The Asian Infrastructure Investment Bank (AIIB) will start operations in 2015 with its centre of operations in Beijing, and the plans for the new bank will be to fund the construction of roads, railways, power plants and telecommunications networks in Asia to keep the region's economy growing.

Twenty-two Asian countries officially signed a Memorandum of Understanding to establish the AIIB last week. The project is regarded by some as a rival for the IMF and World Bank, which China claims is dominated by countries like the US and Japan.

Some of the countries present at the signing ceremony were: Singapore, Bangladesh, Brunei, Cambodia, China, India, Kuwait, Laos, Malaysia, Mongolia, Nepal, Oman, Pakistan, the Philippines, Qatar, Sri Lanka, Thailand and Vietnam.

Notable countries missing from the signing ceremony were the United States' closest regional allies, Japan, South Korea and Australia, with reports claiming that they had received pressure from the US to withhold in joining.

The Chinese government have already allocated a large plot of land in Beijing and provided $2.8 billion to construct the AIIB head offices which show the plans are progressing after over a year since the idea was initialised.


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