Switzerland officially joins 'alternative World Bank'

Switzerland has become the 37th founding member of the newly created Asian Infrastructure Investment Bank (AIIB). The Chinese-led body will bankroll transport links and other large scale projects in the region. Switzerland has pledged to underwrite $706.4 million ($691 million) of the bank’s capital, which aims to reach $100 billion once all contributions are in. China got the ball rolling with $50 billion in starting capital. Having completed all the paperwork, Switzerland will now release the first of five instalments, this one worth $28.26 million. In addition, Switzerland has proposed cabinet ministers Johann Schneider-Ammann and Didier Burkhalter as the country’s AIIB Governor and Acting-Governor respectively. Switzerland will vote in a bloc alongside Denmark, Iceland, Norway, Poland, Sweden and Britain. The vote is currently represented by Britain on the Board of Directors, but Switzerland hinted it would seek to nominate a replacement later this year, ...