World Bank joins AIIB on financing for joint projects

Global Business

When the idea of the Asian Infrastructure Investment Bank was first bandied about, the U.S. and its allies spoke against it.

Washington, D.C. claimed it would compete with the World Bank and impede global development.

Now, the World Bank and the AIIB are working together to jointly finance a series of infrastructure projects.

Its chief, Jin Liqun, went as far to say the bank isn’t just concentrating on China-heavy projects. The AIIB hopes to approve about 1.2 billion dollars in financing in 2016.