Financial futures founder: US too slow in accepting AIIB

The AIIB aims to become an international financial institution providing support to infrastructure projects in Asia, and is expected to be established by the end of this year.

Despite Washington's repeated pleas for partners to stay away from the bank, which it claimed is of "dubious standards" on governance, and environmental and social safeguards, an increasing number of its allies are now joining the China-led initiative.

The bank has had nearly 30 prospective founding members. Britain, France, Germany, Italy, Luxembourg and Switzerland have applied to join the AIIB as a founding member.

Timeline:

Oct 2, 2013 - Chinese President Xi Jinping pledged to set up an Asian investment bank to help fund infrastructure projects as he visited the Southeast Asian region.

April 10, 2014 - Chinese Premier Li Keqiang announced at Boao Forum that China was ready to "intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank (AIIB)."

Jin Liqun, former chairman of investment bank China International Capital Corp and vice-president of the Asian Development Bank, appointed as secretary-general of the Multilateral Interim Secretariat for Establishing the AIIB.

Oct 24, 2014 - Representatives from 21 Asian nations signed an agreement to establish the AIIB, including Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.

Nov 24, 2014 - Indonesia signed up as the last ASEAN country to join the AIIB. The establishment of the bank aims at spurring investment in Asian energy, transportation, telecommunications and other infrastructures.

Jan, 2015 - The number of AIIB founding members rose to 26, after New Zealand, Maldives, Saudi Arabia and Tajikistan officially joined.

Feb 7, 2015 - Jordan became the 27th founding member of AIIB.

March, 2015 - Ten countries, the United Kingdom, France, Germany, Italy, Luxembourg, Switzerland, Austria, Australia, Turkey and South Korea announced their intention to join, taking founding membership to 37.