The China-initiated Asian Infrastructure Investment Bank, or AIIB, has been formally established.
Tasked with financing infrastructure construction across Asia, it took just two years for the bank to develop from an idea on paper to a fully-fledged body with 57 developed and developing nations as prospective founding members.
SOUNDBITE2(ENGLISH) YUKON HUANG, Former World Bank official
“It doesn’t begin with the predetermined set of rules and regulations. It can look around see what everyone is using. It can bring in voices and opinions, and then it can come up designing something which I think really is the best at this time.”
Some say the existing global economic governance system has failed to safeguard the rights and interests of the developing countries.
The AIIB’s establishment was regarded by many analysts as “a milestone event.”
SOUNDBITE3 (ENGLISH) CHARLES ONUNAIJU, Nigerian economic analyst
” It is a watershed, it is historical, it is a bold step in the direction of breaking the monopoly of certain forces in respect of international finance. It will also create liquidity for developing countries to access especially for infrastructure projects.”