New-Model Development Finance
China’s establishment of the Asian Infrastructure Investment Bank is the latest sign of a broader move away from the view that aid to developing countries is best provided in the form of massive government-to-government transfers. Ironically, it may be the US, which opposed the AIIB’s creation, that is leading the shift.
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WASHINGTON, DC – China’s success in establishing the Asian Infrastructure Investment Bank has been widely regarded as a diplomatic fiasco for the United States. After discouraging all US allies from joining the AIIB, President Barack Obama’s administration watched as Great Britain led a raft of Western European countries, followed by Australia and South Korea, into doing just that.