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More than 40 countries, including Russia and Taiwan, have agreed to be founding members of China’s proposed Asian Infrastructure Investment Bank. However the United States and Japan have held off at this time. China proposed the bank last October as a way to finance roads, bridges, ports and other needed infrastructure projects in Asia. The time limit for joining as a founding member was March 31. In only a few months, the number of countries seeking membership nearly doubled. They came from Africa, Europe, South America, Asia and the Pacific. Some European powers added themselves to the list, as well as South Korea, Australia and Russia. Taiwan also sought to become a founding member. But it is not clear how China will react. Taiwan and China do not have diplomatic ties. But, relations have improved since the election of President Ma Ying-jeou in 2008. The two sides also are working on details of a trade agreement. The U.S. and Japan have said they are concerned about the governance of the Asian Infrastructure Investment Bank, or AIIB. Critics say the AIIB threatens the work of existing development banks such as the World Bank, the International Monetary Fund and the Asian Development Bank. The AIIB is expected to start with $100 billion in capital, mostly from China. Experts are watching to see how China will take its leadership role in the new bank. They say China will also have to satisfy other bank members and multi-national institutions.
