New China-Backed Asian Infrastructure Investment Bank

The new China-backed Asian Infrastructure Investment Bank has received support from 57 countries that have signed on as charter members. The Obama administration is worried about the new bank and concerned that it will compete with Western-led institutions like the World Bank. However, such large institutions like the World Bank and the International Monetary Fund do not seem worried.

World Bank President Jim Yong Kim told reporters that he welcomed the new bank. As he said,

“Our full expectation is that we’ll continue to work with them very closely and that there are many projects that I can foresee either cofinancing or working together on.”