``China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital. The Asian Infrastructure Investment Bank (AIIB) will extend China's financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan.


The bank's first project will be a reincarnation of the ancient Silk Road, the vast network of trade routes between China and its regional neighbors. Another proposed project is a railway from Beijing to Baghdad....

Separately, the BRICS nations plan to have a $100 billion development bank ready by 2015.

Comments: Be the first to add a comment

add a comment | go to forum thread