Asian Development Bank Launched | “This is a historical moment”: Xi at launch of new China-led Bank
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"The new lender is expected to name its first lending projects in mid-2016.
The China-backed multilateral development institution is tasked with financing infrastructure development across Asia.
Related Asian Infrastructure Investment Bank (AIIB) Formally Established (New Rival To The World Bank)With an authorized capital of $100 billion, the AIIB will finance infrastructure projects like the construction of roads, railways, and airports in the Asia-Pacific Region."
Related China’s Yuan Joins SDR Basket As IMF Reserve Currency
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