Arab Today, arab today china launches asia bank to challenge usbacked lenders
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

China launches Asia bank to challenge US-backed lenders

Arab Today, arab today

Arab Today, arab today China launches Asia bank to challenge US-backed lenders

Asia bank
Beijing - Anadolu

China launched the first stage of an Asian development bank Friday, state news agency Xinhua said, in what is widely seen as a challenge to U.S.-backed international banks.
The Asian Infrastructure Investment Bank was founded with the signing of a memorandum of understanding by representatives of 21 Asian nations, the agency reported. Initial capital of $50 billion will support the bank, seen as a competitor of the World Bank and the Asian Development Bank.
The new bank will be headquartered in Beijing and be formally established by the end of next year.
However, several of the region’s biggest economic powers were not present, including Indonesia, South Korea, Japan and Australia.
Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam signed the memorandum.
China has limited influence in the World Bank and the Asian Development Bank despite its economic status.
The new bank will make loans for infrastructure projects to developing countries.
Chinese President Xi Jinping said the new bank would use the best practices of the existing international banks, but the U.S. State Department expressed it had concerns about the “ambiguous nature” of the proposed bank structure.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china launches asia bank to challenge usbacked lenders Arab Today, arab today china launches asia bank to challenge usbacked lenders

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china launches asia bank to challenge usbacked lenders Arab Today, arab today china launches asia bank to challenge usbacked lenders

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday