Asian infrastructure investment bank comes into operation
The new international financial institution, proposed by China, as the World Bank's rival, led by the United States.The launch of the STATE was marked by the official nomination of its President, Jin Liqun. The former Chinese Vice-Minister of finance said that "it is essential to respond to the need [infrastructure], because a good infrastructure is the Foundation of robust economic growth, increases the opportunities and improves the quality of life for all".Portugal and Brazil â€" both members of the World Bank â€" are part of the countries that have signed, in June last year, the agreement establishing the Asian Bank for investment in infrastructure.
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