China wants a real alternative to the World Bank

Wednesday, June 25, 2014

China would like an alternative to the World Bank, an institution, which is able to fully take over the financing of the development of Asian countries. To this end yesterday, the Asian Development Bank's share capital was increased to $ 100 billion from the previous $ 50 billion.

China reasons that the World Bank and the IMF practically under the control of U.S. interest groups, which do not allow for economic assistance without political interference indicating that in the long term economic and industrial development of the world come under the control of the United States.

So far, 22 Asian and Middle Eastern countries have shown interest in the Asian Development Bank; some suggested to rename the bank to Asian Infrastructure Investment Bank (AIIB).

Beijing announced that by setting up the new bank China would like to establish a modern "Silk Road" to create a new framework for investment; the new bank could be operational before the end of this year.

(hidfo.net – hungarianambiance.com)

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