DHAKA: China is hosting the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank.

Delegates from 57 countries will sign articles that determine each member's share and the bank's initial capital, reports bbc.com
 
The UK, Germany, Australia and South Korea are among the founding members.

Japan and the US, which oppose the AIIB, are the most prominent countries not to join.

The US has questioned the governance standards at the new institution, which it sees as spreading Chinese "soft power".

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.

BDST: 0906 HRS, JUN 29, 2015
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