Asian & African Leaders to form New Rival Bank to IMF

Leaders of emerging countries in Africa and Asia have pushed for the establishment of a new development bank to rival the World Bank. The new bank idea was discussed during the 60th commemoration of the Asia-Africa conference last month in Jakarta, Indonesia. The leaders agreed that, to succeed, the bank must be totally separated from the World Bank and the International Monetary Fund (IMF) because the two could no longer be trusted to fully fund development infrastructure projects. Pre...
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China’s new Development Bank seen as embarrassment for Obama

China's new development bank, which was announced just five months ago, is becoming a massive headache for the US. Try as it might, the US government can't persuade its allies to stop joining the Asian Infrastructure Investment Bank (AIIB). The bank will be a bit like the World Bank, providing loans to developing countries in Asia for infrastructure projects. Unlike the World Bank, China will hold the reins of the AIIB. The US administration is publicly worried that the institution will...
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