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Asian Infrastructure Investment Bank (AIIB)

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution established to address the need in Asia for infrastructure development. According to the Asian Development Bank, Asia needs $800 billion each year for roads, ports, power plants or other infrastructure projects before 2020.

Originally proposed by China in 2013, a signing ceremony of memorandum of understanding was held in Beijing October 24, 2014 for the formal establishment of the Asian Infrastructure Investment Bank (AIIB). By March 31, 2015, AIIB welcomed more than forty countries as its founding members. Of the world's major economies, only the United States, Japan and Canada did not join the AIIB as founding members, though they could apply to join later as ordinary members.

AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are heavily dominated by developed countries like the United States. The United Nations has described AIIB as "scaling up financial for sustainable development" for the concern of Global Economic Governance.

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