The new Silk Road is one step closer to reality.
The Asian Infrastructure Investment Bank will help fund a highway in Pakistan, a road project in Tajikistan, and a ring road in Almaty, Kazakhstan.
The Asian Infrastructure Investment Bank will help fund a highway in Pakistan, a road project in Tajikistan, and a ring road in Almaty, Kazakhstan according to World Economic Forum websites.
The AIIB was formally launched in January after attracting dozens of Asian and European member countries, many of them US allies that ignored Washington’s concerns about the emergence of a Chinese rival to the World Bank and Asian Development Bank.
Last week Jin Liqun, AIIB president, and his World Bank counterpart signed a framework agreement to work together on co-finance projects.
The logistics of China’s silk road.
The AIIB will also co-finance projects with the Washington and Tokyo-led ADB, the European Bank for Reconstruction and Development and the UK Department for International Development. Japan was the only major US ally to refuse Beijing’s invitation to join the AIIB.