China has offered its partners to create the organization alternative to the World Bank (WB) with the capital of $100 billion, reported RIA Novosti.
The Chinese authorities said that the World Bank is subjected to the influence of US and its partners.
It will be named the Asian Infrastructure Investment Bank.
22 countries are interested in its establishment. The memorandum of mutual understanding has been already signed with 10 countries and the bank will be launched till the end of 2014.
The project similar to the Great Silk Road will be the first project of the Bank and in the future the bank plans to invest funds into another infrastructure projects.
China sees that it hard to achieve anything within the framework of the WB and International Monetary Fund (IMF) and wants to create its own World Bank to control it. The entire Asia is interested in this organization.
Asian Development Bank (ADB) is not considered by China as an alternative to WB or IMF.
ADB forecasts that Asia will need infrastructure investments worth $800 billion till 2020. China could occupy a free niche and ADB allots credits for the infrastructure credits worth $10 billion a year.
