Twenty-one Asian nations have signed on to a China-driven initiative to create a new development bank for Asia that’s aimed at boosting infrastructure investment of all kinds.
Beijing sees that as a way to raise its international standing, but Washington opposes the move as an unnecessary and potentially damaging rival to established institutions such as the World Bank.
Members are overwhelmingly developing nations, with Singapore the only advanced economy. The others range from economic powerhouses India and China to smaller but economically dynamic nations such as Singapore, Vietnam, the Philippines and Mongolia. A few are drawn from among the poorest nations including Laos, Cambodia and Oman.
Others taking part are Uzbekistan, Thailand, Sri Lanka, Qatar, Pakistan, Nepal, Bangladesh, Brunei, Kazakhstan, Kuwait, Malaysia and Myanmar.
Just as important is who’s not in the group: Solid American allies Japan, South Korea and Australia, although they, along with the US may enter at a later date if the venture proves to be a success.
Although Singapore is a close US ally, its officials say entering now will give them a chance to make a positive impact on the way the bank plans to do business.
