The China-led Asian Infrastructure Investment Bank (AIIB) will provide $4.5 billion to Bangladesh in the next five years, according to a statement of finance ministry.

The Asian Infrastructure Investment Bank approves a loan of $165 million for a power distribution system upgrade and expansion in Bangladesh.

The “Asian Infrastructure Investment Bank Bill, 2016” is passed in the parliament, paving the way for Bangladesh to join the AIIB as a founding member.

China hosts 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.

The big idea received mixed reactions as it was floated in 2013.

China denies reports that it had given up the veto power in the Asian Infrastructure Investment Bank, saying it is premature to discuss the matter