Brazil to join Asian infrastructure bank

Brazil's government accepted an invitation from China to join the Asian Infrastructure Investment Bank (AIIB) as a founding member, according to a statement by the press office of the presidency on Friday (Mar. 27).

AIIB is proposed by China with the goal of creating an international development bank bringing together several countries both within and even outside Asia. The purpose is to make it a counterpart to the World Bank and the Asian Development Bank.

The note had no details as to what Brazil's role will be in the foundation, or if the country will provide any financial support to the institution.

Translated by Mayra Borges