The Asian Infrastructure Investment Bank – China’s bid to challenge the dominance of the World Bank, the IMF and the Asian Development Bank – came one step closer to reality today when 22 countries me in the Great Hall of the People in Beijing. to sign an MoU approving its establishment. The $50bn bank’s remit will be to fund the construction of roads, railways, power plants and telecommunications networks across Asia, and the signatories include Kazakhstan and Uzbekistan as well as China and Mongolia. AKIPress