China-led AIIB gets backing of World Bank and the UK

Tokyo

WORLD Bank president Jim Yong Kim came out strongly in support of the proposed China-led Asian Infrastructure Investment Bank (AIIB) on Friday, after Britain declared that it would become a "prospective founding member" of the bank, the first Western country to do so.

Mr Kim said both the AIIB and the proposed BRICS Bank or "New Development Bank" planned by Brazil, Russia, India, China and South Africa could have a key role in channelling funds to finance the huge "infrastructure deficit" in emerging economies.