New Asian Development Bank Seen As Sign Of China's Growing Influence

April 16, 2015 8:17 PM

53 0

China says 57 countries have signed on as charter members of the new China-backed Asian Infrastructure Investment Bank. They include some of the United States' closest allies, which added their names despite pressure from the White House not to join.

The Obama administration is concerned the new bank will compete with Western-led institutions like the World Bank and the International Monetary Fund, but leaders of those institutions don't seem to be worried.

Also read: Iraq Shiite Fighters Poised to Join Mosul Battle Against Islamic State

Read more

To category page