BRIEF – Burma’s AIIB coffers confirmed

Burma will invest US$264.5 million in the China-backed Asian Infrastructure Investment Bank (AIIB) over the next ten years, parliament has agreed. Xinhua reports that according to Minister of Finance and Revenue Win Shein 20 percent of the amount will be contributed up front, with further payments made each year. Regarded as a potential rival to the World Bank, the AIIB’s mandate is to finance infrastructure projects on the continent and is expected to be fully operational by the end of the year.