Denmark gives 500 million kroner to ‘China’s World Bank’

The inaugural meeting of the new Asian Infrastructure Investment Bank begins today

AIIB is led by China and provides an alternative to the IMF and the World Bank (photo: Foreign and Commonwealth Office) AIIB is led by China and provides an alternative to the IMF and the World Bank (photo: Foreign and Commonwealth Office)
January 15th, 2016 8:21 am| by Lucie Rychla
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Just a day before the official deadline, Denmark has given 500 million kroner to the newly-established Asian Infrastructure Investment Bank (AIIB), reports Finans.

Denmark will eventually add 2 billion kroner more to help establish the new bank that many economists view as a rival to institutions such as the World Bank and International Monetary Fund.

Last year, the Danish government pledged to support the China-led multilateral development bank that is focused on providing funding to infrastructure projects within Asia.

Changing the world order
The former trade and development minister, Mogens Jensen, said in 2015 that the bank’s establishment was “a significant and exciting development in the world order”.

However, it was not clear whether Denmark would have the funds to become one if its founding members.

Its first financial contribution was only sent one day before the bank’s inaugural meeting, which begins today in China’s capital, Beijing.

Some 57 nations have pledged to support the AIIB, whose largest shareholders are China, India and Russia.