Sejm approves Poland's involvement in AIIB

The Sejm, the lower chamber of parliament, has unanimously accepted a bill ratifying the creation of the Asian Infrastructure Investment Bank (AIIB). The Bank is a new Chinese initiative, designed to be an alternative to international financial institutions dominated by the US, such as the IMF or the World Bank. It will simultaneously act as an engine for infrastructural investments and the economic development of China. Along with 56 other countries, Poland signed a deal on June 29, 2015 declaring that it would participate in the bank's creation. The AIIB's capital is to amount to $100 billion; each individual country's contribution will depend on its GDP and the purchasing power of its currency.