The AIIB is an international financial institution established on China's initiative. The organization’s primary goal is to finance major infrastructure projects in Asia. Some see the bank as a rival to the US-based International Monetary Fund.
On March 28, several countries applied to join the bank, including Georgia, Brazil, Denmark, the Netherlands, Spain, and Russia.
On Saturday, Russian Deputy Prime Minister Igor Shuvalov announced Russian President Vladimir Putin’s decision to join the institution.
Earlier this month, the United Kingdom, Switzerland, Germany, France, Austria, Australia and Italy joined the AIIB.
As of 28 March 2015, the AIIB had 45 member countries, with applications still coming in. March 31 in a deadline set by China to become a founding member of the AIIB.
The United States has repeatedly expressed concern over the AIIB establishment, seeing it as a threat to the World Bank. Washington also said that the new bank may lack governance and transparency when lending funds. Despite US claims, many of Washington’s allies have joined the institution, saying that Asia needed its own regional development bank.
