U.S. Getting Left Behind As More Allies Join China’s Infrastructure Bank
▻http://www.forbes.com/sites/kenrapoza/2015/03/26/u-s-getting-left-behind-as-more-allies-join-chinas-infrastructure-bank
China has basically been left out of having any say within the large Bretton Woods institutions — International Monetary Fund and the World Bank. In creating the AIIB, China is basically saying that they are willing to go it alone in helping to fund southeast Asia’s massive infrastructure needs.
[…]
On Thursday, NATO member Turkey applied to join the AIIB too. Becoming a founding member depends on other members approving their membership. If approved, both Turkey and South Korea will be part of the growing AIIB family next month.
The application deadline for prospective founding members is March 31.
Twenty-one countries agreed to fund the $100 billion bank in a memorandum of understanding last October. All members were from Asia. Shortly after, European friends of the U.S. hopped on the bandwagon. Britain opened the flood gates. Then in came France, Germany, Luxembourg, Switzerland and Italy. Australia is considering it.
