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April 20, 2015

China says proposed new bank fills $8T gap

  • It says the Asian Infrastructure Investment Bank, or AIIB, will help fill an estimated $8 trillion gap in infrastructure funding over the next decade in Asia.
    • By MATTHEW PENNINGTON
    Associated Press

    WASHINGTON (AP) — China's proposed infrastructure bank for Asia is intended to complement, not replace, existing lenders dominated by the U.S. and Japan, a senior Chinese official said Friday.

    Vice Finance Minister Zhu Guangyao said after a meeting of the Group of 20 leading world economies that China has proposed the Asian Infrastructure Investment Bank, or AIIB, to help fill an estimated $8 trillion gap in infrastructure funding for the region over the next decade.


     
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