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Before any Talyanista can claim this is a result of BBM’s pro-US foreign policy let me just say that funding for the project was sourced from the AIIB. The bank was established on the initiative of China’s Xi Jinping back in 2013.
The bank began operations sometime in 2016 with China having the biggest voting rights at 26% followed by India with a little less than 8%. Russia and countries of the Global South as well as most of the NATO countries are already members.
The AIIB also sits in the UN General Assembly with a Permanent Observer status.
Key points about the AIIB culled from the Investopedia website:
• The Asian Infrastructure Investment Bank is a multilateral development bank that finances development projects in Asia.
• The AIIB has 106 member countries and $100 billion of capitalization.
• Sometimes described as China's answer to the World Bank, the AIIB has been viewed as a challenge to the U.S.-led financial system.
• To date, the AIIB has approved 233 projects with a combined $44.6 billion of financing.
The bank began operations sometime in 2016 with China having the biggest voting rights at 26% followed by India with a little less than 8%. Russia and countries of the Global South as well as most of the NATO countries are already members.
The AIIB also sits in the UN General Assembly with a Permanent Observer status.
Key points about the AIIB culled from the Investopedia website:
• The Asian Infrastructure Investment Bank is a multilateral development bank that finances development projects in Asia.
• The AIIB has 106 member countries and $100 billion of capitalization.
• Sometimes described as China's answer to the World Bank, the AIIB has been viewed as a challenge to the U.S.-led financial system.
• To date, the AIIB has approved 233 projects with a combined $44.6 billion of financing.
