China's New Bank Offers Fresh Approach to Old Problems
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With the world’s first major new multilateral development bank in a generation, China has the opportunity of crafting a fresh approach to an old challenge -- how to channel funds to the most productive projects, in the least time, while maintaining a likelihood of repayment.
By lining up the support of more than 30 nations, and securing a pledge of cooperation from the five-decade-old Asian Development Bank, China has quickly built credibility for its $100 billion Asian Infrastructure Investment Bank -- even over U.S. opposition. Still to come is forging lending objectives, approval processes and outlines for loan conditions.