It’s official: Russia will join China in capitalizing rival to World Bank

It’s official: Russia will join China in capitalizing rival to World Bank
(Image: Xinhua via BRICS Post)

[Ed. – To clarify: this is a fresh crack in the global order.  It’s a way for Russia and China to buy the allegiance of nations away from the West and Japan.  Some of the smaller nations will be motivated to take the plunge — Greece, some South Asian nations, and much of Central America being real possibilities.  The rush of our closest allies to join the Chinese development bank shows clearly how little regard they have for our policy preferences now.  There’s a whiff of jackals smelling fear and weakness here.  Emphasis added.]

Russia is to sign up to the Chinese-led development bank AIIB, first deputy prime minister Igor Shuvalov said Saturday at an international forum in China, cited by Russian news agencies.

“I’d like to inform you that Russian President Vladimir Putin has taken the decision that Russia will participate in the capital of the Asian Infrastructure Investment Bank (AIIB),” Shuvalov said at China’s Boao Forum, quoted by RIA Novosti state news agency.

The Beijing-backed AIIB, unveiled in October, is a multinational lender that the United States perceives as a threat to the Washington-led World Bank.

It has proved highly successful with countries that are US allies, however, with Britain, Germany, France, Italy and this week South Korea all saying they intend to join the $50 billion (46 billion euro) bank.

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