Graphics: AIIB's Aims

(Beijing) – On March 17, France, Germany and Italy asked to join the China-led Asian Infrastructure Investment Bank (AIIB), becoming founding members five days after Britain said it planned to seek membership. This brings to 31 the number of countries that have applied to be founding members of the bank, which is set to open by the end of the year. The government has said that the deadline for applying is March 31. China initiated the bank in October 2013 and said it would contribute US$ 50 billion, or half of the initial capital. The bank will target infrastructure projects across Asia, with a focus on Southeast Asian countries. AIIB has been considered as a potential rival to the Western-dominated World Bank and the Asian Development Bank, which Japan leads.