The $100-billion Asian Infrastructure and Investment Bank opened on Jan. 16 with the promise of promoting many more infrastructure projects than existing multilateral lenders such as the World Bank are capable of handling.
Three issues make the China sponsored bank unique: It is the first multinational development bank in which the United States has no role. It is also the first time that U.S. allies like the U.K., Germany and South Korea have defied Washington’s express wishes to join a financial institution.