BEIJING, July 8 (Reuters): World Bank Group President Jim Yong Kim on Tuesday welcomed a new multilateral infrastructure bank proposed by China, saying there was a "massive need" for new investment in this area.
China, which aired the idea of creating the Asian Infrastructure Investment Bank in October to fund projects in Asia, has said it would likely be the largest shareholder in the bank, with a stake of as much as 50 percent.
The initiative is one of a growing list from China and which experts say is part of the country's attempt to influence Asia's security and financial architecture.
WB welcomes China-led infrastructure bank
FE Team | Published: July 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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