China is starting a new bank on the level of “World Bank”. In the presence of 24 Representative of 21 Nations sign agreement to establish “Asian Infrastructure Investment Bank” (AIIB)
The (AIIB) will provide money for road development, mobile phone tower development and also provide fund for infrastructure of poor Asian countries. Bank is expected to open by end of next year.
AIIB will initiate with the $50 billion capital, The main propaganda of AIIB is to provide fund to new banks in Asia rather to existing one.