China-led Asian infrastructure bank opens for business
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China-led Asian Infrastructure Investment Bank is officially open for business after a formal ceremony led by Chinese President Xi Jinping.
Representatives from 57 member countries attended the event Saturday, when China announced it would pledge $50 million to a special fund to prepare less developed countries for infrastructure projects.
The United States and Japan are not members of AIIB, saying it is a rival to already existing multilateral banks such as the World Bank, but Beijing says the AIIB supplements existing institutions and will boost investments for infrastructure projects in Asia.
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The bank also is a key part of Beijing's "One Belt One Road" outreach to extend China's economic influence in the region.
Beijing has pledged to put up most of the bank's initial $50 billion in capital.