from All Gov:
China has pledged $50 billion in capital to start the Asian Infrastructure Investment Bank (AIIB), which as the name suggests, will offer loans to developing countries to build roads, bridges and other public works projects.
The United States has opposed financing by the World Bank and the Manila, Philippines-based Asian Development Bank (ADB) of projects that would involve building coal-fired power plants or dams that would displace large populations. Now, the Obama administration’s concern is that the new Chinese bank would be more likely to fund such projects.
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